Beiersdorf has opportunities for white-space growth as well as margin expansion.
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...
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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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