Beiersdorf : Organic growth of +2.9% in Q4. But the guidance implies that it could be only +2%
>Neutral recommendation unchanged - The fall in the share price which has continued since the Q3 release has taken the valuation to more affordable levels, particularly in terms of EV/EBITDA (12x 2019e). But the relevance of this multiple hinges on what use, if any, the new top management will make of the group's cash. Yet visibility on this point remains very limited, though we still think that the disposal of Nestlé’s Skin Health business (currently under strategic ...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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