Beiersdorf : Organic growth guidance raised on back of very good H1. But financial losses ongoing
>Neutral maintained. No guarantee of a positive reaction from the market - Neutral recommendation maintained. The strength of Q2 organic growth (+9% vs +8.5% est. and consensus at +7.4%) shows that momentum is very strong in both the consumer and Tesa businesses. But the departure of the CEO (not yet effective) and the CFO (end-June) has created a very uncomfortable situation as regards the strategic options (acquisitions to diversify business) that the group must and...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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