Beiersdorf’s Momentum Gains Speed in 2Q, but is Reflected in Market Valuation
In an environment of sluggish organic growth in consumer staples, Beiersdorf continues to be a standout, posting almost 8% organic revenue growth in the first half of the year. We may raise our near-term forecasts, but this is unlikely to have a material impact on our EUR 84 fair value estimate, and we continue to regard Beiersdorf as being fully priced. We are reiterating our narrow moat rating.There is no doubt that Beiersdorf's business has momentum. First-half organic sales growth of 7.7% w...
Beiersdorf manufactures and distributes consumer goods. Co. operates in two business segments: consumer, which is Co.'s main business that focuses on the skin and body care markets, with products including NIVEA's Deodorant Invisible for Black & White, NIVEA Deodorant Stress Protect, NIVEA In-Shower Body Lotion, NIVEA Cellular Anti-Age face care, and Eucerin's VOLUME-FILLER; and tesa, which develops, produces, and markets self-adhesive products and system solutions for industry, craft businesses, and consumers. In the electrical industry, the tesa business segment's adhesive systems are used in mobile devices such as smartphones, tablet personal computers, and MP3 players.
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