Beiersdorf : L-f-l growth of -10% and EPS down -26% in H1. In line with forecasts. But warning on the 2020 operating margin
>Reduce rating maintained - Reduce rating maintained. The share is likely to continue to underperform its European Food HPC peers (BEI: -4% YTD). The recent rally (+13% over three months) is based on the idea that the worst effects of the lockdown are over (La Prairie in travel retail, deodorants, sun care, grooming, Tesa). But the market is underestimating the longer-term effects. In our view, the crisis disrupts: 1/ the implementation of the CARE+ plan regardin...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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