Bernstein Analysis
Categories - Strong
According to Bernstein, Beiersdorf is exposed to some of the higher growth areas of the global HPC and Beauty markets (Men’s Skin Care, Anti-Agers, Deodorants) and so currently has a healthy Category Growth Leverage (CGL) of +5.8% which is top-of-class among its European HPC peers.
Wood notes that Beiersdorf has underperformed its CGL over the last 10 years, though that is mainly down to mixed/ weak execution, and he says that the rating for this pillar is Strong.