Beiersdorf : Q4: slowdown in consumer and at La Prairie. Decline for Tesa for the second consecutive quarter
>Reduce rating maintained - Reduce rating maintained. At our target price of € 88, the share would trade at P/E 2021e of 22x. Against the backdrop of hyper polarisation of P/E multiples in the Food HPC segment (Europe & USA), Beiersdorf (P/E 2020e of 29x) is the odd man out in the core holdings category  (P/E 12m fwd 25x-30x); i.e. those groups such as L’Oréal that combine strategic focus and operational diversification. We remain cautious regarding the ability of th...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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