Beiersdorf : Croissance organique à +2.9% au T4. Mais la guidance implique que cela pourrait être seulement +2%
>Neutre inchangé - La baisse du titre qui se poursuit depuis la publication du T3 a ramené la valorisation à des niveaux plus abordables, notamment en termes de VE/EBITDA (12x 2019e). Mais la pertinence de ce multiple repose justement sur l’utilisation du cash qui sera faite ou non par le nouveau top management. Or sur ce point, la visibilité reste très faible même si nous considérons toujours que la cession du Skin Health de Nestlé (actuellement sous revue stratégiqu...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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