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1. Company Snapshot

1.a. Company Description

Beiersdorf Aktiengesellschaft engages in the manufacture and distribution of consumer goods in Europe, the Americas, Africa, Asia, and Australia.It operates in two segments, Consumer Business and Tesa Business.The Consumer Business Segment offers skin and body care products.


The Tesa Business segment provides adhesive tapes and self-adhesive products and system solutions for industries, craft businesses, and consumers.This segment offers its system solutions to the automotive, electronics, printing and paper, and building and construction industries.It offers its products under the NIVEA, Eucerin, La Prairie, Labello, Hansaplast, 8x4, FLORENA, Coppertone, HIDROFUGAL, GAMMON, SKIN STORIES, FLORENA FERMENTED SKINCARE, STOP THE WATER WHILE USING ME, CHAUL, TESA, O.W.N., Chantecaille, Elastoplast, CURITAS, and Beiersdorf brands.


The company was founded in 1882 and is headquartered in Hamburg, Germany.Beiersdorf Aktiengesellschaft is a subsidiary of maxingvest ag.

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1.b. Last Insights on BEI

Recent challenges for Beiersdorf Aktiengesellschaft include persisting difficulties in the Chinese luxury market, particularly affecting La Prairie. The company's Q3 2024 earnings call highlighted strong consumer sales, but also noted hurdles in the Chinese luxury market. CEO Vincent Warnery stated that the luxury market, especially in China, continues to be challenging due to a slowdown in Chinese consumer demand amid a weak economy. This has weighed on quarterly sales at other industry peers, such as L'Oreal and LVMH.

1.c. Company Highlights

2. Beiersdorf 2025: Resilient Growth Amid Market Headwinds

Full‑year 2025 net sales rose 2.4% to EUR 9.9 bn, with EBIT margin climbing to 14.0% and EPS at EUR 4.25—up 4.9% YoY. The company’s operating leverage remained strong, reflected in an EV/EBITDA of 13.57 and a P/E of 24.85. Dividend yield sits at 1.33%, while ROIC stands at 6.69%, underscoring solid capital deployment.

Publication Date: Apr -12

📋 Highlights
  • Derma Business Growth: Achieved record net sales of EUR 1.5 billion with double-digit growth for the fifth consecutive year.
  • EBIT Margin Expansion: Increased EBIT margin to 14.0%, up from prior years, driven by cost discipline and innovation-driven sales.
  • NIVEA Challenges: Organic sales growth slowed to 0.9% in 2025 due to market saturation, repositioning in China, and delayed innovation pipeline.
  • Global E-commerce Share: Online sales contributed 17% of total net sales in 2025, fueling growth across regions like the U.S. and India.
  • Strategic Rebalancing: Initiated EUR 750 million share buyback program and recalibrated NIVEA’s strategy to focus on deodorants, body care, and local market flexibility.

Derma Business Performance

Derma delivered double‑digit organic growth for the fifth consecutive year, reaching record EUR 1.5 bn in net sales. Innovations such as Thiamidol and Epicelline, along with the upcoming PROBIOM8 launch, have cemented Beiersdorf’s position as the world’s best‑performing skin‑care company for three straight years.

NIVEA Strategy Recalibration

Facing a 0.9% organic sales lift, NIVEA is shifting focus to deodorants, body care, and accessible face care, granting local teams greater execution autonomy. The brand’s repositioning in China, driven by Thiamidol’s online success, aims to revive growth while maintaining a balanced mix of premium and affordable products.

Consumer Division Challenges

Consumer sales grew 2.5% to EUR 8.176 bn, but Eastern Europe lagged with a 7% decline in Q4. The division remains over‑indexed in personal care, prompting new launches, influencer campaigns, and retailer negotiations to regain market share.

2026 Outlook

Guidance points to flat to slightly positive organic growth across segments, with an EBIT margin expected to dip modestly due to raw‑material cost hikes and FX headwinds. The first quarter may see a low single‑digit negative organic growth rate, reflecting a volatile market environment.

Innovation Pipeline

Beiersdorf’s microbiome focus will launch PROBIOM8 under Eucerin DERMOPURE CLINICAL in H2 2025. The company plans to launch 47% of NIVEA’s portfolio in 2025, balancing premium and accessible propositions to avoid brand dilution.

M&A Focus

Skin‑care acquisitions remain a priority, with the company seeking businesses that can be accelerated by its innovation and digital capabilities. Each opportunity is evaluated on merit, with a strategic emphasis on improving profitability.

Valuation Snapshot

Key metrics: P/E 24.85, P/B 1.92, P/S 2.27, EV/EBITDA 13.57, Dividend Yield 1.33%, Free Cash Flow Yield 2.36%, ROIC 6.69%, Net Debt/EBITDA –0.86. These figures suggest that the market has priced in continued margin stability and a modest upside in growth, while maintaining a conservative stance on potential FX and cost pressures. <sup>[1]</sup>

3. NewsRoom

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Beiersdorf AG (BDRFF) Q3 2024 Earnings Call Highlights: Strong Consumer Sales and Challenges in ...

Oct -25

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Nivea Owner Beiersdorf on Track to Meet Guidance After Rise in Sales

Oct -24

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Beiersdorf posts 9-month sales growth, flags China weakness

Oct -24

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Beiersdorf optimistic on future despite China challenges

Oct -24

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Beiersdorf Aktiengesellschaft's (ETR:BEI) Stock On An Uptrend: Could Fundamentals Be Driving The Momentum?

Oct -13

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Calculating The Intrinsic Value Of Beiersdorf Aktiengesellschaft (ETR:BEI)

Sep -25

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Beiersdorf shares drop after Q2 misses estimates

Aug -07

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Beiersdorf Sales, Net Profit Rise, Helped by Nivea Product Line

Aug -07

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.00%)

6. Segments

Consumer

Expected Growth: 5.5%

The Consumer segment is expected to grow at a rate slightly above the global hypothesis due to its diversified brand portfolio, strong presence in emerging markets, and the potential for continued innovation in personal care products, driving higher demand and market share.

Tesa

Expected Growth: 4.5%

Tesa is expected to grow at a rate slightly below the global hypothesis. Although it benefits from being a leader in adhesive solutions, its growth is somewhat constrained by its dependence on industrial sectors that can be cyclical. However, its diversification across various industries and its focus on innovation help maintain a relatively stable growth trajectory.

7. Detailed Products

Nivea

A range of skin care products including moisturizers, lotions, and creams for various skin types

Eucerin

Dermatological skincare products for sensitive skin, including creams, lotions, and ointments

La Prairie

Luxury skincare products including moisturizers, serums, and eye creams

Labello

Lip care products including lip balms, lip scrubs, and lip care sticks

Aqua liberata

Deodorants and antiperspirants for men and women

8x4

Men's grooming products including shaving cream, aftershave, and deodorant

Hansaplast

Adhesive bandages and wound care products

Florena

Skin care products for sensitive skin, including creams and lotions

8. Beiersdorf Aktiengesellschaft's Porter Forces

Forces Ranking

Threat Of Substitutes

Beiersdorf's products, such as Nivea and Eucerin, have some substitutes in the market, but the company's strong brand recognition and customer loyalty mitigate the threat.

Bargaining Power Of Customers

Beiersdorf's customers have some bargaining power due to the availability of substitutes, but the company's strong brand portfolio and wide distribution network reduce the bargaining power of customers.

Bargaining Power Of Suppliers

Beiersdorf's suppliers have some bargaining power due to the company's dependence on raw materials, but the company's large scale of operations and long-term contracts with suppliers mitigate the threat.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the personal care industry, including high research and development costs and the need for significant marketing and advertising investments.

Intensity Of Rivalry

The personal care industry is highly competitive, with many established players competing for market share. Beiersdorf faces intense competition from companies such as Unilever, L'Oréal, and Procter & Gamble.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 1.21%
Debt Cost 5.19%
Equity Weight 98.79%
Equity Cost 5.19%
WACC 5.19%
Leverage 1.23%

11. Quality Control: Beiersdorf Aktiengesellschaft passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Reckitt Benckiser

A-Score: 6.0/10

Value: 1.3

Growth: 5.4

Quality: 5.4

Yield: 6.2

Momentum: 8.5

Volatility: 9.0

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Unilever

A-Score: 5.6/10

Value: 1.7

Growth: 4.4

Quality: 4.9

Yield: 7.5

Momentum: 6.5

Volatility: 8.3

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Henkel

A-Score: 5.5/10

Value: 5.7

Growth: 4.0

Quality: 6.9

Yield: 5.0

Momentum: 1.5

Volatility: 10.0

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Essity

A-Score: 5.5/10

Value: 4.8

Growth: 5.6

Quality: 5.7

Yield: 5.6

Momentum: 1.0

Volatility: 10.0

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L'Oréal

A-Score: 5.3/10

Value: 1.7

Growth: 5.8

Quality: 8.0

Yield: 3.1

Momentum: 5.0

Volatility: 8.3

1-Year Total Return ->

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Beiersdorf

A-Score: 4.1/10

Value: 1.9

Growth: 5.4

Quality: 6.4

Yield: 1.2

Momentum: 0.5

Volatility: 9.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

76.44$

Current Price

76.44$

Potential

-0.00%

Expected Cash-Flows