Bernstein Analysis
Markets - Mixed
When it comes to market exposure, Bernstein research suggests that the Nivea skin care maker is more exposed to Western Europe than all of its Global HPC peers, although it is about average in terms of exposure to the emerging markets.
Wood notes that in emerging markets both P&G and Unilever are overall 10 times bigger in scale to Beiersorf, while L’Oreal is 3 times bigger in Beauty…
Wood’s rating for this pillar is that it has Mixed results.