Beiersdorf : BPA 2019 Ã +5% avec un MOP Ã -90pb : en ligne. Guidance 2020 prudente sur la marge du Consumer
>Alléger maintenu - Alléger maintenu malgré la récente sous-performance du titre. A notre OC de 88 €, le titre se valoriserait à un PE 21e de 22x. Dans un contexte d’hyper polarisation des multiples de PE dans le Food HPC (Europe & USA), Beiersdorf (PE 20 de 26x) est un intrus dans la classe des core holdings (25x-30x de PE 12mfwd) ; ie ces groupes tels L’Oréal qui combinent concentration stratégique et diversification opérationnelle. Nous restons prudents sur la capa...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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