Beiersdorf: Q3 LFL growth above consensus, FY13 objectives are increased
SELL, Fair Value EUR65 (-7%)
This morning, the German
cosmetics group has released Q3 13 results globally in line with consensus:
sales reached EUR1,511m (CS: EUR1,530m) but the 8.2% organic sales growth is
topping CS at 6%, with no deceleration vs. Q2 (+8.2%) despite the more
challenging comparison base (Q3 12: +5.9% vs.
-1.3% in Q2 12). Q3 EBIT came in at EUR216m above investors’ expectations (EUR196m) and implied a 130bp increase vs. the prior year. Following this better-than-expected Q3, the group is revising up its FY13 sales and EBIT margin guidance, although the latter is already in line with our assumption (13.2%e).
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