Raising FVE for Beiersdorf After Strong Quarter for Tesa, but Shares Still Seem Rich
Beiersdorf's adhesives business delivered upside to our estimates, and the firm is now on track to exceed our 2017 growth estimates. We have adjusted our near-term assumptions accordingly and are raising our fair value estimate to EUR 84 from EUR 82. We are reiterating our narrow economic moat rating, which is based on the firm's cost advantage. We are finding it increasingly difficult to justify Beiersdorf's current valuation on a stand-alone basis, however, and we suspect that the firm's balan...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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