Beiersdorf : Q3 2016 marked by organic growth of 2.6% vs consensus of 3.1%. Tesa a shade above expectations at 2.7% but consumer below forecasts at 2.8%
>A Q3 broadly in line. Market reaction likely to be neutral. - Neutral unchanged. With Q3 figures broadly in line with expectations, a 2019e PER of 25x and guidance unchanged, the market reaction will likely be broadly neutral. Given the comparative bases and cumulative organic growth over 9M 2018, the indications on Q4 will be significant. Tesa’s performance was not as weak as expected thanks to Asia but the consumer business decelerated slightly more than forecast d...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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