Beiersdorf Beats Modestly in First Half, but Growth and Margin Opportunities Priced In
Beiersdorf narrowly beat our estimates for the first half of 2016 on both sales growth and profitability, but undershot the increasingly frothy expectations of the market. Group organic sales growth of 2.8% implied a modest sequential acceleration from the 2.4% achieved in the first half, entirely driven by the tesa segment. The consumer business performed in line with our expectations, with 3.3% organic growth, although this remains below competitors such as L'Oreal and Unilever and implies a s...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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