Beiersdorf : Reset of margins difficult to justify
>Recommendation lowered to Reduce. - We are downgrading our recommendation from Neutral to Reduce. Since the departure of the former CEO, we had been waiting for the strategy of the new top management and we tended to subscribe to the scenario of an acquisition that would have had the merit of diversifying the risk profile as well as the growth profile of the group while remaining positioned on its core business: skin care. Last night's announcement of the new CE...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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