Beiersdorf : H1 EPS at +4.6% vs consensus estimate of 3%. Deceleration in Q2 organic growth to 3.6%
>Stable or slightly positive reaction expected - We confirm our Reduce recommendation on the stock due to: 1/ the lack of conviction regarding the CARE plan which is not on a large enough scale given the need to reduce the group's dependency on Nivea and Europe; 2/ an unwarranted P/E valuation (in line with L’Oréal’s) in light of the risk profile; and 3/ the acquisition of Coppertone which has been in decline for the past four years. The stock should nevertheless...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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