Beiersdorf Outperforms Competitors With In-Line 4Q, but Opportunities Priced In
Narrow-moat Beiersdorf released preliminary sales figures for fiscal 2017 that were in line with our forecasts, although there was some variance in the divisional performance across regions. We remain comfortable with our assumption of 5% annual sales growth over the next four years with robust margin expansion and a high-single-digit EPS CAGR, so we do not expect to make any changes to our fair value estimate beyond the impact of the time value of money when the company releases its annual repo...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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