Report
Pierre Tegner

Beiersdorf : LfL à -10% et BPA à -26% au S1. En ligne. Mais alerte sur la MOP de 2020

>Alléger maintenu - Alléger maintenu. Le titre devrait continuer de sous-performer ses pairs européens du Food HPC (BEI : -4% en YTD). Le récent rebond (+13% sur 3M) repose sur l’idée que le pire des effets du confinement est passé (la prairie en travel retail, déodorants, sun care, grooming, Tesa). Mais le marché occulte les effets de plus long terme. Cette crise perturbe, selon nous, 1/ la mise en place du plan CARE+ vis-à-vis duquel nous étions déjà sceptiques...
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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