Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BEIERSDORF AG. We currently have 7 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%).
2015 turning out to be more profitable
04 Nov 15
Q3 sales were up +6% to €1,633m and the gross profit margin improved 30bp to 58.1%. EBITDA before one-offs increased +8% to €271m. As a reminder, Beiersdorf recorded a €-63m one-off due to the write-off on the Chinese hair care brands in Consumer in the previous year. Net profit attributable to shareholders jumped +43% to €159m. In the first nine months of this year, operating CF flared up from €345m to €581m, benefiting from the stronger operating performance and additionally propelled by significantly lower NWC outflows (€-34m after €-140m) as a consequence of a better inventory and receivables management. Investing CF was predominately impacted by significant higher net payments to acquire securities (€-494m after €-28m) moving from €-160m to €601m. FCF came in at €-20m (€185m). Financing CF was pretty much unchanged (€-210m after €-200m) as net gross repayments (€-13m after €2m) generated the strongest impact. Management slightly adjusted FY guidance, seeing Consumer’s sales a bit weaker, but the EBIT margin is expected to come in higher. tesa should come in above the previous year’s level. Finally, the group’s like-for-like sales growth is expected to rise 3-4% (previously: 3-5%, but the EBIT margin before one-offs will be significantly (previously: slight improvement) above the previous year's (13.7%).
Panmure Morning Note 01-12-16
01 Dec 16
Consistent with the FY16 trading update/pre-close on September 14, today’s FY16 results are in line with our and consensus underlying PBT expectations of £12.5m (+22.5% YoY). The total FY16 dividend is up 36%, covered 3.4x, whilst net cash is £6.9m (+53%). FY16 represented another good year of execution, and FY17 has started well. The company's business mix is now more diverse across geographies (International accounted for 26% of total sales vs 21% in FY15) and we see CCT’s increasing diversity in retail distribution as both a further risk-mitigation and opportunity driver. We make no changes to our FY17 and FY18 PBT forecasts of £13.5m and £14.5m (albeit, we make some changes to the constituent parts) and introduce a FY19 PBT of £15.5m. We maintain our BUY and TP of 635p.
Strong H2 expected
30 Nov 16
H1 results were in line with expectations with PBT of £9.0m, EPS of 9.9p and DPS of 7.2p. The NAV / share is 253p. We expect the company to have a strong H2 based on its forward sales position and the timing of developments coming through. Telford has a strong balance sheet, a large development pipeline and impressive forward sales position, as well as good levels of demand for its product and geography from a diverse group of buyers. No change to forecasts at this stage.
US$500m to be invested in start-ups by 2026
28 Nov 16
BMW started a venture capital fund in 2011 with an initial investment of $100m. This is now to be expanded to $500m within the next ten years. The fund, called ‘BMW i Ventures’, has been moved from NYC to Mountain View, CA, to have closer access to the technology developed in the Silicon Valley. The investment focus will be on Enabling Technology and Digital Vehicle Technology, Mobility and Digital Services, Customer Experience, and Advanced Production Technology. According to BMW, the fund has closed 15 deals in ‘mobility-related’ technologies so far. It typically acquires a minority stake in start-ups which allows it to gain access to external innovations (so-called ‘outside-in’) that secure the company’s role as a technology pioneer. Simultaneously, it provides support for start-ups by offering internal resources (so-called ‘inside-out’) such as technical expertise and access to its own network of an established car producer.
N+1 Singer - Morning Song 29-11-2016
29 Nov 16
Vp has reported another impressive set of interims, confirming strong growth in most markets and a positive outlook. Recent acquisitions are bedding in well and the full year outturn is set to exceed previous expectations (5%/6% EPS upgrades in FY17/FY18). The recent Capital Markets Day provided a reminder of Vp’s qualities (specialist focus, high returns, strong cash generation) and its growth potential, which in our view are not reflected in a modest <11x P/E rating. We firmly believe the shares are due a re-rating and see intrinsic value in excess of 800p.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.