Report
Pierre Tegner

Beiersdorf : Q3 2020 +0.3% LFL, with Tesa +6.1% and Consumer -1.2%

>Upturn in Q3 that could cheer investors - The recovery in growth to a marginally positive rate, in Q3 2020, could cheer markets, even if it concerned only Tesa. In any case, this is what investors had been expecting. Putting on close to 5% over 1M, the share has outperformed all its European Food & HPC peers, all of which are in the red over 1 month except L’Oréal (+3%). Our recommendation is still Reduce. The current slump further shines a light on the limits o...
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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