We have slightly adjusted our operational estimates for Q225/H125/FY25/FY26, predominately to reflect our latest thinking wrt. Beiersdorf''s top-line and margin prospects; we have also updated for FX translation. We have previously argued (see Q125 sales and 15 questions for management) that Beiersdorf should best be valued on c.23x FY26e ex-cash Consumer EPS + c.15x FY26e ex-cash Tesa EPS + FY26e net cash. Keeping in mind the market''s seemingly increased nervousness around the mass skincare market of late and resulting Beiersdorf''s share price underperformance, we reduce our target multiple for Consumer to c.22x and reduce our target price to EUR125 from EUR129 before. We do not consider the changes to be material; our rating is unchanged.