Beiersdorf facing a slow start to the year

The German group has released 2024 results in line with expectations. For 2025, guidance may seem cautious (the consensus is already at the high-end) in a less dynamic skin-care market. Q1 should even be below FY guidance. We reiterate our Neutral recommendation with an unchanged EUR145 PT.

Beiersdorf: Reassuring Q3 sales amid a slowing beauty market

Beiersdorf Q3 sales grew 5.3% (CSSe: 6.9%), but missed expectations for both the consumer and Tesa divison. However, we view the publication as reassuring in comparison to other beauty peers who published disappointing prints. Looking ahead, we feel like Q4 should reaccelerate which should enable t

Beiersdorf unveils promising innovation pipeline

Last week, Beiersdorf unveiled its latest ingredient innovations in the field of anti-aging and acne during its CMD. We think Beiersdorf is at the forefront of skincare innovations and can likely reproduce the thiamidol success, to outperform the beauty market. Hence, we lift our sales growth expec

Revisiting the Beiersdorf case: turning Neutral

Following positive Q1 sales figures (in line with expectations at EUR2.6bn, up +10.2% lfl) with better-than-expected sales momentum at Nivea, we review our investment case and turn Neutral on the stock. Management has successfully set up an attractive mid-term top-line growth algorithm which offers

Bryan, Garnier & Co Consumer Daily | Cannabis, Beiersdorf

New York's Always Hopeful: CAGNY Feedback

CAGNY is back, providing insight into the Consumer Sector! In this note, we summarise the key takeaways for Staples and read-across for the Food, HPC, Beauty and Ingredients companies that we cover.

Bryan, Garnier & Co Consumer Daily | RBREW, ABI, CAGNY, BEI, TKWY, Eye...

Beiersdorf should benefit less from China reopening

Yesterday, Beiersdorf released FY22 results in line with expectations on sales (EUR8.8bn, up +10.2% lfl & +7.4% lfl in Q4) and EBIT margin (+20bps to 13.2% for FY22). In 2023, we think other groups in our coverage are better positioned to benefit from China's reopening and premiumisation trends

Bryan, Garnier & Co Consumer Daily | Moncler, Interparfums, Beiersdorf