Beiersdorf : Warning on the 2021 operating margin: no progress expected after the 140bp contraction reported for 2020
>The counter-effect of the operational focus - We continue to think that Beiersdorf will likely underperform despite the 14% year-on-year decline in the share price. The operational performance in 2020 is in line with expectations but it shows the limits of a strategically diversified group that is too operationally concentrated; country imbalance, limited brand portfolio, under-exposure to the digital channel etc. In the immediate term, the stock should react n...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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