Summary of Q4/FY23 results Beiersdorf''s Q4 Group LFL at +9.5% came in slightly below Visible Alpha (VA) consensus expectation of +9.8%, with Consumer at +9.2% (VA cons +11.4%) and Tesa at +9.7% (VA cons +5.1%). Scanning Q4 Consumer LFL by brand, we note that the miss was largely driven by La Prairie with LFL at -14.3% (VA cons -3.5%). As for the bottom-line, EBIT margin was c.20bp below VA cons, EBIT was c.2% below VA cons and EPS c.3% below. News Beiersdorf commented that Consumer had a ''pretty good'' start to the year, and Beiersdorf assumes that Consumer LFL could even grow at least MSD in FY24. Earnings We reduce our EPS estimates by c.3.5% in FY24e/25e/26e. Investment thesis LFL sales growth should continue to positively surprise in FY24, and the valuation is palatable. In addition, we see double-digit earnings growth in both FY24 and FY25. Rating and target price We maintain our Outperform rating. In light of our EPS revisions, our target price moves to EUR146 from EUR150 before. 15 questions for management Reflecting on your comment that you expect Consumer to grow at least MSD in FY24, which brand, in your view, can provide the most meaningful surprise to the upside?