Rankings Food, drinks & restaurants Beiersdorf
Beiersdorf
60
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Quality of growth−6
- Margin−4
- Peers−3
Strengths
- Net cash+2
- Strong derma brands+1
How the score is built
From 100 to 60, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 83.50 EUR
- Median analyst target
- 81.50 EUR
- Upside to median
- −2.4%
- Analysts
- 21
- Target range
- 68.00 – 95.00 EUR
- 52-week change
- −9%
- P/E (trailing)
- 19.5
- Forward P/E
- 21.3
- PEG
- 10.51
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−13 of −30
- −6Quality of growthOrganic sales −3.5% in H1 2026 (Consumer −4.0%, Nivea −6.8%); revenue has fallen from EUR 9.85bn in 2024–2025 to 9.62bn TTM, and the full year 2026 is now expected with a low single-digit organic decline vs previously flat to weak growth.
- −4MarginGroup EBIT margin guidance cut from 'slightly below 14.0%' to at least 11.8% (Consumer at least 11.0% vs 13.6% last year) because about EUR 100m extra must be spent on Nivea; analysts expect EPS of EUR 3.80 in 2026 vs 4.44 in 2025 (−14%).
- −2Moat and pricing powerThe turnaround plan for Nivea is meant to create volume through cheaper, locally adapted products – a signal that the core brand has lost pricing power against competitors.
- −1Capital allocation and FCFThe FCF margin has been only 2.8–8.1% in 2021–2025 due to heavy investments; buybacks and dividends (EUR 578m TTM, 724m in 2025) exceeded FCF after leases (516m TTM, 245m in 2025) and are paid from net cash.
Price
Today's multiples against the company's own history and its peers. · 3 findings−8 of −35
- −2Multiples vs own historyForward P/E 20.1 is at the bottom of its own history (20.3–31.0 in 2021–2025) and EV/EBITDA 8.7 below 11.5–18.3, but earnings fall 14% this year, so the low multiple is not a real discount.
- −3PeersForward P/E 20.1 vs 16.3 for Unilever and 27.0 for L'Oréal; Beiersdorf trades at a premium to Unilever, even though the operating margin is 13.6% vs about 20% at both peers and sales are shrinking.
- −3Absolute price levelFCF yield 3.5% (P/FCF 28.9) and about 3.0% after leases; dividend yield 1.3%.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−6 of −35
- −3Execution of the turnaroundSecond phase of the Nivea restructuring after the recovery proceeded more slowly than expected; delivery problems and inventory reduction at retailers hit, growth is not expected until 2027, and Bernstein expects consensus estimates about 15% lower.
- −2Governance and controlOnly 89 of 218m shares (41%) are free float; the major shareholder maxingvest (the Herz family) has control, and minority shareholders have limited influence.
- −1RegulationThe CEO himself warns of EU over-regulation of cosmetics and chemicals, which may increase costs for the industry.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Net cashNet cash EUR 2.73bn (16% of market value), debt/equity 0.01 and current ratio 2.0.
- +1Strong derma brandsDerma (Eucerin, Aquaphor) and Healthcare grew in H1 despite the Nivea decline; tesa turned to +2.5% organic in Q2.
Caveats
What the score does not capture, or where the data is weak.
Skin care (Nivea, Eucerin, La Prairie) and adhesive tape (tesa, about 17% of sales) do not fit the industrial list: placed under 'Consumer: food, beverages & restaurants' as the nearest consumer-goods category. Trailing P/E (18.3) is lower than forward P/E (20.1) because analysts expect EPS −14% in 2026. La Prairie/China, Derma growth figures and insider trades have not been examined (web limit reached). Q3 report 27 Oct 2026.
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