We have slightly adjusted our operational estimates for Q3/Q4/FY25 and 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 FOOD and HPC: Changing Rate-ings) that Beiersdorf should best be valued on c.19x (1/2 FY26e + 1/2 FY27e) ex-cash Consumer EPS + c.15x (1/2 FY26e + 1/2 FY27e) ex-cash Tesa EPS + (1/2 FY26e + 1/2 FY27e) net cash. Reflecting recent sector weakness, we reduce our target multiple for Consumer to c.18x and reduce our target price to EUR105 from EUR111 before. We do not consider the changes to be material; our rating is unchanged.