Report
Pierre Tegner

Beiersdorf : Très bon début d’année au-dessus des attentes. C’est le « Blue » qui tire (Nivea et Europe)

>Effet « Blue » ou effet C.A.R.E. ? - Alléger maintenu. La dynamique du T1 est très bonne avec une croissance organique de +6.0% (dont +6.8% en Consumer) qui n’était absolument pas attendue. Ceci devrait soutenir une réaction positive du titre. Alors que nous sommes très sceptiques sur la pertinence du plan C.A.R.E., ce début d’année semble nous donner tort. Mais, la question se pose de savoir si c’est C.A.R.E. ou l’ancien Blue Agenda qui tire ? Si le T1 est aus...
Underlying
Beiersdorf AG

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Pierre Tegner

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