Beiersdorf : Q1 2020 contained no surprises at -3.6% l-f-l. Confirmation that guidance scrapped but few elements on visibility in the short term at this stage
>Very specific context but fragile resilience - Reduce rating maintained. The PER level (25.5x 2021e) is too high, in our view, for a group which is strategically dispersed and not sufficiently diversified from the operating standpoint. The growth context is very specific but this Q1 highlights a profile that is less defensive than investors' perception. This is linked to Tesa (-5.1% l-f-l) which is affected by the industrial cycle but also to the consumer mix (-3.3%...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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