Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BEIERSDORF AG. We currently have 8 research reports from 1 professional analysts.
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Consumer’s LatAm burden
03 Nov 16
9M sales stood unchanged at €5,032m, but organic growth was +3%. Consumer’s sales came in unchanged at €4,177m (organic: +3%) and tesa declined 1% to €855m (organic: +1%). Management confirmed 2016 guidance, expecting an organic sales growth of 3-4%, a slightly higher EBIT margin (2015: 14.4%) and PAT also slightly above the previous year’s (2015: 10.0%).
Other operating result and financial result made the difference
04 Aug 16
Beiersdorf’s H1 sales weakened by 1% to €3,358m and the gross profit margin declined 30bp to 59.1%. EBITDA stood +2% higher (at €580m) and net profit attributable to shareholders rose +5% to €364m. Operating CF strongly increased (€407m after €290m), fuelled by a swing in NWC from €-104m to €8m due to lower inventories and lower increases in receivables and liabilities. Despite significantly lower capex, investing CF moved from €-235m to €-276m, driven by higher net payments to acquire securities (€-263m after €-154m). Higher financing expenses and loan repayments burdened financing CF (€-223m after €-188m). Management confirmed 2016 guidance expecting an organic sales growth of 3-4%, a slightly higher EBIT margin (2015: 14.4%) and PAT also slightly above the previous year (2015: 10.0%).
Not a too bad start into 2016, but how has profitability performed?
06 May 16
Group sales were down by 2% to €1,673m, but organic growth was +2%. Management confirmed 2016 guidance, expecting an organic sales growth of 3-4%, a slightly higher EBIT margin (2015: 14.4%) and PAT also slightly above the previous year’s (2015: 10.0%).
Despite lower dynamics, 2015 performed well
17 Feb 16
Beiersdorf reported +6% higher sales (to €6,686m; organic: +3%) and the gross profit margin increased from 57.5% to 58.4%. EBITDA rose +12% to €1,091m, but was up by just +4% if the previous year’s one-off is excluded. Net income attributable to shareholders jumped +25% to €660m. Operating CF reflected the improved operating profitability and clearly benefited from the strong swing in NWC (€30m after €-201m) and strongly increased from €397m to €800m. By contrast, investing CF moved from €-230m to €-655m, hit by higher net payments to acquire securities (€-551m after €-17m). Financing CF was fairly unchanged (€-210m after €-192m), impacted by a small swing from net gross debt proceeds (€9m) to net gross debt repayments (€-15m). Management will propose an unchanged dividend of €0.70 per share at the AGM on 31 March 2016. For 2016, management expects an organic sales growth of 3-4%, a slightly higher EBIT margin (2015: 14.4%) and PAT also slightly above the previous year (2015: 10.0%).
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.
10 for 17
09 Jan 17
As always at the start of a year, there are significant uncertainties about the year ahead but I think in 2017, the level of uncertainly has decisively moved up a gear. In fact, a leading economist at the LSE, Ethan Ilzetzki, was recently quoted as saying “I view the current global economic environment as the most uncertain in modern history”. Wow.