Beiersdorf AG
BEI: XETR (DEU)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€251.00 | Mslrjq | Kwnr |
Transferring Coverage of Narrow-Moat Beiersdorf; Fair Value Estimate Reduced to EUR 85
Following a transfer of coverage, we lower our fair value estimate for narrow-moat Beiersdorf to EUR 85 from EUR 94. We believe the company’s C.A.R.E+ strategy is delivering promising results and we forecast above-industry-average sales growth in the midterm, however, we are less impressed with management’s capital allocation decisions, especially in regards to shareholder distribution.