Beiersdorf: FY 2012 globally in line with expectations

SELL, Fair Value EUR63 (-6%)

News published on March Tuesday 5, 2013
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This morning Beiersdorf released its FY 2012 profits. Sales, already reported mid-January, reached EUR6.04bn, up 4.7% LFL. EBIT came in at EUR735m (consensus: EUR745m), up 13.7%. EBIT margin gained 70bp to12.2%. We maintain our Sell recommendation given the very demanding valuation. FV of EUR63 unchanged.

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