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17 Feb 2021
BEIERSDORF: Disappointing guidance for 2021 as new investments are necessary! | SELL vs. NEUTRAL | EUR95 VS. EUR100 (+4%)
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BEIERSDORF: Disappointing guidance for 2021 as new investments are necessary! | SELL vs. NEUTRAL | EUR95 VS. EUR100 (+4%)
BEIERSDORF - SELL vs. NEUTRAL | EUR95 VS. EUR100 (+4%)
Disappointing guidance for 2021 as new investments are necessary!
FY sales almost in line with expectations
FY 2020 EBIT margin down 140bp to 12.9%
More investments in 2021 imply disappointing guidance
Target price lowered to EUR95. Sell recommendation vs Neutral