Summary of Q121 sales With the Q121 LFL sales evolution (Group at +6.3%, Consumer at +2.7%, Tesa at +23.6%) already pre-released, the report only provided incremental colour. Looking through the brand lens, we note that the performance was as follows: Nivea at +0.5%, La Prairie at +17.0%; Derma at +12.1% and Healthcare flat. Scanning the regional Consumer trends, the main positive surprise relative to (Visible Alpha) consensus expectations was in Latin America with LFL at +16.0% materially ahead of consensus at -1.1%; in contrast, Western Europe at -0.8% was below consensus at +3.2%. News Commenting on the C.A.R.E.+ strategy, new CEO Vincent Warnery said he believes that with the focus on digitalisation, growth markets and sustainability, Beiersdorf have found the right answers to the questions and expectations of consumers. Earnings We leave our EPS estimates for FY21e/22e/23e broadly unchanged. Investment thesis Nerves around margins are likely to abate post Feb-2021 rebasing, and the recently announced CEO change is likely to be viewed as a positive. Against this backdrop, we believe that Beiersdorf still offers a good organic growth profile and will now likely see two years of above-par LFL growth; combining this with close to a record low valuation vs. peers, we see attraction in the shares. Rating and target price We maintain our Outperform rating. Our target price remains unchanged at EUR106. 15 questions for management Vincent Warnery sounded convinced that the C.A.R.E.+ strategy is focused on the right areas. What changes (if any) should we be expecting in the strategy once Mr. Warnery takes over?