We have slightly adjusted our operational estimates for Q1/FY25, predominately to reflect our latest thinking wrt. Beiersdorf''s top-line prospects; we have also updated for FX translation. We have previously argued (see March. On to where?) that Beiersdorf should best be valued on c.24x 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 beauty space of late (e.g. post the recent Douglas warning) and the recent Manager Magazin article referring to Nivea''s ''underperformance'', and resulting Beiersdorf''s share price underperformance over the past week, we reduce our target multiple for Consumer to c.23x and reduce our target price to EUR133 from EUR138 before. We do not consider the changes to be material; our rating is unchanged.