Beiersdorf AG

BEI: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€564.00	Pqxfy	Dcvm

Strong First Half for Beiersdorf but Cost Pressures Loom

Philip Gorham

Aug 16, 2021

Business Strategy and Outlook

We think Beiersdorf can achieve above-industry-average sales growth in the medium term as a result of whitespace geographic opportunities and the potential to take share in adjacent categories, particularly for Nivea. It lags peers on margins, however, and we think a renewed focus on efficiencies will be needed to close the gap.

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