FRANKFURT (dpa-AFX Broker) - The strong performance of Beiersdorf shares at least took a break on Thursday. After a strong year in 2023, the Hamburg-based company expects growth to slow down. On Xetra, the shares lost almost four percent to 132.40 euros. However, this somewhat limited the initially higher losses. Nevertheless, the shares were the biggest losers on the DAX.

Adjusted for exchange rate effects and acquisitions, the consumer goods giant's sales are expected to increase by a mid-single-digit percentage in 2024. However, more of the proceeds than the operating result should remain at Beiersdorf.

The outlook for 2024 is "conservative as expected", wrote analyst Molly Wylenzek from US bank Jefferies. In the consumer business, Beiersdorf's performance in the final quarter of 2023 was slightly weaker than expected. Adjusted growth here was below the market expectation of 11.4 percent, the expert said in an initial assessment.

Beiersdorf shares have risen sharply in recent months. From the last significant interim low of 113.40 euros to the record high of almost 144 euros at the beginning of February, the price gain amounted to 27 percent. The shares then went into consolidation at a high level.

Celine Pannuti from JPMorgan attributed the surprisingly weak growth in the consumer division in the final quarter to a poor performance in the European sales markets. The Nivea brand and the travel business are likely to have had a negative impact here, the expert suspected. However, in view of share price losses as a result of the figures, she advised buying. In terms of the predictability of sales and profits, Beiersdorf is "top" among manufacturers of everyday consumer goods in Europe./bek/ngu/men