Beiersdorf : 2018 guidance unchanged: why let doubt linger over Q4?
>Is the group attempting to manage expectations before the new CEO takes the helm? - Neutral recommendation maintained. The share price’s decline since the release of Q3 figures broadly in line takes the YTD performance to -7%. This inevitably raises the question as to whether there is not a long-term opportunity. We think that this would be premature given: 1) 2019e P/E which remains at 25x; 2) need for visibility on new top management’s strategy (notably in terms o...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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