Beiersdorf : Another excellent quarter and another guidance upgrade. But this is now fully priced in
>Probable negative reaction despite this very good quarter - Neutral maintained with a target price raised to € 105 (from € 90) because of the adjustment of our DCF and the more sustainable long-term outlook in view of the continued organic growth recovery in the consumer division from one quarter to the next. At our target price, the implied 2024 PE is 26x (20x excluding cash), which seems reasonable to us amid the sliding valuation multiples of Food Beverage HPC sto...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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