Summary of Q2/H123 results A strong delivery from Beiersdorf with Q223 Consumer LFL at +14.9%, c.3.7% ahead of VA consensus (with the beat primarily Nivea-driven) and H123 group EBIT c.11% ahead of consensus (H123 EPS was only c.4% ahead of consensus, as a result of one-off tax headwinds). Turning to FY outlook, as it was likely widely expected, Consumer and Group LFL guidance was increased to HSD-LDD (''there is an opportunity to achieve growth at the upper end of this range, if the luxury market conditions improve'') and margin guidance unchanged (''achieving this growth range will require investments in the market to increase'' in H223). News Beiersdorf commented that excluding the luxury business, volume growth in Q223 accounted for more than 1/3rd of total organic growth in Consumer. Earnings We maintain our FY23e EPS estimate broadly unchanged (due to one-off tax headwinds) and increase our FY24e/25e EPS estimates by c.3%. Investment thesis While there is a lot to like about Beiersdorf, we believe that a lot is now reflected in consensus expectations and the share price. Rating and target price We maintain our Neutral rating; our target price moves to EUR130 from EUR129 before. 15 questions for management As things stand now, looking at Consumer, what is your expectation for market growth next year? Do you expect to achieve organic sales growth above market in FY24, and, if yes, would you expect to see outperformance as pronounced as it has been YTD?