Beiersdorf : Q1 2021 sales: Nivea +0.5%, recovery at La Prairie and momentum in dermocosmetics maintained
>Recommendation upgraded to Neutral - As we explained in this morning’s Equity Flash, we have upgraded our recommendation from Underperform to Neutral in light of the announced departure of the CEO and his replacement by Vincent Warnery. A 2022e EV/EBITDA of 12x and the relatively credible hopes of a change in strategic direction, limits, in our view, downside on the stock. In the very short term, Q1 sales (which were pre-announced) contained few surprises and co...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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