Beiersdorf: Q2 slightly above consensus mainly due to Tesa. Cautious FY guidance.

SELL, Fair Value EUR63 (-11%)

News published on August Wednesday 7, 2013
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The German Cosmetic group has released this morning good quality H1 results with 6.6% organic sales growth, implying +8% in Q2 (consensus: +7.5%) and EUR434m EBIT, implying EUR236m in Q2 (EBIT margin: 13.8%, + 130bp) vs EUR218m consensus.

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