This content is only available within our institutional offering.

07 Jun 2022
50 questions (and 25 charts) ahead of the CMD

Sign in
This content is only available to commercial clients. Sign in if you have access or contact support@research-tree.com to set up a commercial account
This content is only available to commercial clients. Sign in if you have access or contact support@research-tree.com to set up a commercial account
50 questions (and 25 charts) ahead of the CMD
Beiersdorf AG (BEI:ETR) | 0 0 0.0%
- Published:
07 Jun 2022 -
Author:
Omanadze Mikheil MO | Stent Jeff JS | Karia Vyoma VK -
Pages:
31 -
Capital Markets Day on 9th June
Beiersdorf will host a Capital Markets Day in Hamburg on 9th June (its first investor day since 2010). It will give an update on its C.A.R.E.+ strategy and provide a deep dive into specific business areas. Within we list 50 questions (accompanied by 25 charts) that management could usefully address to give investors a better view of industry dynamics and the Beiersdorf equity story.
Evidence of Nivea market share gains in Europe
Referring to Nivea in Europe, you recently commented that you ''have been systematically gaining market shares since the summer of 2021, especially in body, face and sun''. Looking at your Nivea European market share data in Skin Care as per Nielsen (analysis within), we have not observed any meaningful inflection in your market shares over this period. Are your share gains concentrated in non-tracked channels, can you please shed more colour?
Premiumisation of Nivea
Premiumisation of Nivea has been on the forefront of the C.A.R.E.+ strategy of late; however recent data for the brand in Europe (as per Nielsen) doesn''t suggest a step-change in your price per volume or share of promotional sales (analysis within). Which data points would you suggest analysing if one were to assess the progress of Nivea premiumisation? Leaving the Luminous launch aside, what other actions / innovations have you taken to premiumise Nivea''s average price point?
How to think about Beiersdorf Consumer''s profitability?
We estimate that Beiersdorf Consumer''s gross margin is c.1360bp lower than that of L''Oreal. While we appreciate that there are important differences between the two businesses (e.g. L''Oreal generates more sales from higher margin luxury products and Beiersdorf''s manufacturing footprint is more skewed to Western Europe which weighs on profitability), the differential is very pronounced. To what extent do you believe this gap can be narrowed? What should be Beiersdorf Consumer''s normalised level...