Beiersdorf (BEI): Reflections on the earnings reset. The clearing event we needed?

研报英文原文证据摘录

Beiersdorf (BEI): Reflections on the earnings reset. The clearing event we needed?

4 August 2026

Callum Elliott, CFA, ACA

+44 20 7676 7183

European Household & Personal Care callum.elliott@bernsteinsg.com

Beiersdorf Victoria Nice, CFA

+44 20 7762 5862

Rating victoria.nice@bernsteinsg.com

Outperform Henry Dennis

Price Target +44 20 7676 6776

henry.dennis@bernsteinsg.com

BEI.GR 95.00 EUR

Simran Cheema

+44 20 7676 6705

simran.cheema@bernsteinsg.com

Beiersdorf (BEI): Reflections on the earnings reset. The clearing

event we needed?

Yesterday, Beiersdorf pre-released H1 earnings with a big profit warning and reset of

Close Date 31 Jul 2026

medium-term expectations, as the company embarks upon an 18-month turnaround process

BEI.GR Close Price (EUR) 80.70

for the Nivea brand. The reset implies nearly 500bps of consumer margin compression in H2,

Price Target (EUR) 95.00

despite 1H margins tracking consensus expectations. The magnitude of that implied step-

Upside/(Downside) 18%

down creates significant uncertainty around the 2027 earnings base, meaning that - without

52-Week Range 110.15/66.92

further clarification - this is not quite the clearing event we were looking for.

EDME 1,618.74

We revise down our FY27 estimates by nearly 20%pts, reflecting around 5%pts of hit FYE Dec

from lower organic sales forecasts, and around 15%pts hit from lower margins. The Div Yield 1.3%

main sensitivity is around margins, and there are some important questions here. Revised Market Cap (EUR) (M) 19,057

management guidance steers to around 11% op. margin for the consumer business in 2026, EV (EUR) (M) 14,927

and around 11.8% at group level, roughly 160bps below pre-earnings consensus. However, Performance YTD 1M 6M 12M