Bernstein Analysis
Execution - Mixed
From 2005 to 2014 Beiersdorf’s top-line growth of 5% was below its average CGL of 6%, which Andrew Wood says indicates share losses.
Bernstein research points out that while others such as L’Oréal and Henkel saw margins grow over the last 10 years since 2005, Beiersdorf’s has actually contracted, and Wood rates this pillar as Mixed.
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