Beiersdorf AG

BEI: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€691.00	Vdplmn	Zhdxc

In-Line Third Quarter for Beiersdorf; Reiterating Our EUR 94 Fair Value Estimate

Philip Gorham

Oct 28, 2021

Beiersdorf reported in-line third-quarter sales, with sales growth in the consumer and tesa divisions moderating sequentially, as expected. We have tweaked our near-term assumptions but make no change to our EUR 94 fair value estimate or narrow moat rating. With the stock off its recent highs, we now consider Beiersdorf to be fairly valued.

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