2025-06-16-花旗集团-拜尔斯道夫（BEIG）_拜尔斯道夫（BEIG.DE）_很大程度（过度_）依赖下半年推出的产品_13页_579kb

Beiersdorf (BEIG.DE) Citi Research Summary

• Company Overview: Beiersdorf is a global personal care company, market leader in skin care, with mass and luxury brands (NIVEA, Eucerin, La Prairie) accounting for 80% of sales. The Tesa division contributes 20%.
• Citi's Outlook:
  • Q2 expected to confirm mass market slowdown challenges, particularly for Nivea (volumes and price elasticities).
  • H2 launches crucial for achieving Consumer margin expansion (50bps) and meeting sales targets, despite proliferation in beauty sector.
  • Assumes sequential improvement in specified brands but notes price/volume pressures at Nivea.
• Recommendation and Valuation:
  • Rating: Buy
  • Target Price: €140 (down from €160), based on reduced EV/EBITDA multiple for Nivea (15x vs. 17x).
  • Expectations: Revenues and profits to grow steadily through 2027, with H2 rebound needed to drive H1 margin target.
• Financial Highlights:
  • Consumer OSG expected +6.7% in H2, led by Nivea (+6%) and La Prairie (+8%), amid mass market headwinds.
  • Sales and EPS projections show stable growth, with Tesa contributing positively; margin improvements driven by new launches.
• Risks:
  • Potential dilution from corporate activities, cash hoarding, or adverse raw material/currency fluctuations.