Beiersdorf Outperforms Again in 1Q but Growth Appears Priced In
Narrow-moat Beiersdorf reported strong sales growth in the first quarter, beating our estimates across most regions in the consumer business. After raising our near-term growth estimates slightly to account for this beat, our full-year estimates are at the top end of management's guidance. This has no impact on our EUR 86 fair value estimate. Beiersdorf's stock has been somewhat volatile in recent months, and we currently think the growth opportunity, clearly evident in these sales figures, is f...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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