Beiersdorf : No operating margin growth in 2018. Organic growth in line with the consensus estimate of 5.4% but > Oddo BHF
>Warning on operating margin growth? - Neutral maintained Up until now, we had been forecasting a gradual adjustment in 2019 operating margin growth expectations, due to a lack of visibility on the new CEO's strategy. This adjustment would have justified a downward revision of 2019 EBIT expectations by close to 4%. As it happens, management created a surprise faster than expected by indicating that the operating margin level in 2018 will be in line with that of 2017, ...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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