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1、 Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to Other Important Disclosures for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securitie

2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 27 to 30.Analyst Certification on page 24.Price Objective Basis/Risk on page 24.12892203 Beiersdorf Reliant on launch successes Reiterate Rating:NEUTRAL|PO:100.00 EUR|Price:93.98 EUR 3Q small miss,albeit an acceleration.Beiersdorf reported 3Q25 sales of

4、 2,352m,with LFL growth of+1.7%(-40bps miss vs consensus).The key Consumer division grew+2.1%LFL(-30bps miss vs consensus),and management further downgraded 2025 guidance from 3-4%to 2.5%for this business(see Exhibit 4).We modestly lower our EPS estimates,and now sit 1-3%ahead of consensus.Consideri

5、ng:(1)ongoing turnaround of NIVEA,(2)lower exposure to US strength and China recovery,and(3)weaker Beauty in Emerging Markets(see American Beauty report),we reiterate our Neutral rating at a PO of 100/ADR$23.20 (from 115/$26.80)after shares de-rating since May 2024 and now trade at a c.25%discount t

6、o historical average PE,in line with peers,see implied SOTP in Exhibit 30.4Q25 is a first test for NIVEAs launches and turnaround NIVEA reported a modest sequential acceleration in 3Q25 LFL growth(from-0.5 to-0.4%),supported by a lower weight of Chinas strategic repositioning(see Exhibit 9),partly o