Summary of Q4/FY24 results Q4 Consumer LFL at +8.2% came in c.50bp ahead of Visible Alpha (VA) consensus; FY24 Group margin and EPS were broadly in line with consensus. As to returns to shareholders, dividend was flat at EUR1.00, and a new SBB of EUR500m (announced yesterday post market close) will begin after AGM. On FY25 guidance, Group/Consumer LFL is expected at +4-6%, with Group margin up slightly and Consumer margin +50bp. Lastly, CEO''s contract was extended to the end of 2030. News Beiersdorf expects Q1 Consumer LFL to be below the +4-6% range due to last year seeing +10% in Consumer (strongly driven by pricing), and prudent expectations on the La Prairie travel retail business in China, where Beiersdorf intends further stock clean-up. Earnings We leave our FY25e EPS estimates broadly unchanged and increase them by c.1% in FY26e/27e. Investment thesis While we see attraction in the Beiersdorf story longer term (underpinned by solid innovation pipeline), consensus appears reasonable, and further re-rating seems unlikely against the current beauty backdrop. Rating and target price We maintain our Neutral rating. Our target price moves to EUR138 from EUR137 before. 15 questions for management Looking at your Consumer Q4 LFL delivery, Western Europe and North America came in materially below VA consensus expectations. What, in your view, has driven this material miss?