L'Oreal S.A.

L'Oreal acts as a holding company. Through its subsidiaries, Co. plays a strategic coordination role and scientific, industrial and marketing coordination role on a global basis. Co. develops, manufactures and commercializes products for Skin care, Hair care, Make-up, Perfumes, Toiletries and deodorants, and Oral cosmetics. Co. has three branches: Cosmetics, Body shop and Dermatology. Co.'s principal activities comprise four divisions: Professional Products, Consumer Products, L'Oreal Luxe and Active Cosmetics. The Body Shop branch offers various cosmetics and toiletry products. The Dermatology branch offers topical dermatology prescription, and corrective and aesthetic dermatology.
  • TickerOR
  • ISINFR0000120321
  • ExchangeEuronext Paris
  • SectorPersonal Goods
  • CountryFrance
Arancha Pineiro

L’ORÉAL: MENSAJES DE LA CONFERENCE CALL RDOS. 1S’20 (ANÁLISIS BANCO SABADELL)

De la conference call de Rdos. 1S’20 destacamos:  Se muestran positivos de cara a los próximos trimestres y reiteran que, a diferencia de otras crisis anteriores, en esta ocasión se ha producido una crisis de oferta por las restricciones del Covid-19, mientras que la demanda en el sector de cosméticos continúa intacta  Cuota de mercado: OR ha conseguido aumentarla (-12% LfL de OR en 1S’20 vs -13%/-14% del sector), a pesar de la negativa evolución vista en Productos de Consumo (~46% ventas). Esto se explica por el efecto desestocaje que se ha producido en el segmento de maquillaje, donde OR t...

Matthieu DRIOL

Short term view - L'OREAL : Prices are still making progress.

The trend is bullish. Prices are still making progress but the trend is slowing down. The next resistance is at €200.10. The break of €170.30 would endanger the trend.

Matthieu DRIOL

Analyse court terme - L'OREAL : Les cours progressent encore.

La tendance est haussière. Les cours progressent encore, mais la tendance s'affaiblit. La prochaine résistance est à 200,10 €. La rupture de 170,30 € mettrait la tendance en danger.

Matthieu DRIOL

Analyse court terme - L'OREAL : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 185,00 €. La tendance baissière serait remise en cause au-dessus de 214,40 €.

Matthieu DRIOL

Short term view - L'OREAL : Falling prices.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €185.00. The bearish trend would be challenged above €214.40.

Matthieu DRIOL

Analyse moyen terme - L'OREAL : La tendance est haussière.

La tendance est haussière. La baisse récente gagne en vigueur. Le prochain support est à 169,00 €. La tendance serait remise en cause par la rupture de 169,00 €.

Loic Morvan

L'ORÉAL: Major changes at the group’s Executive Committee | BUY | EUR206

L'ORÉAL - BUY | EUR206(-1%) Major changes at the group’s Executive Committee M. Mulliez, CFO, will leave the company for personal reasons New President at L’Oréal Luxe Buy maintained

Arancha Pineiro

L’ORÉAL: MENSAJES DE LA CONFERENCE CALL RDOS. 1S’20 (ANÁLISIS BANCO SABADELL)

De la conference call de Rdos. 1S’20 destacamos:  Se muestran positivos de cara a los próximos trimestres y reiteran que, a diferencia de otras crisis anteriores, en esta ocasión se ha producido una crisis de oferta por las restricciones del Covid-19, mientras que la demanda en el sector de cosméticos continúa intacta  Cuota de mercado: OR ha conseguido aumentarla (-12% LfL de OR en 1S’20 vs -13%/-14% del sector), a pesar de la negativa evolución vista en Productos de Consumo (~46% ventas). Esto se explica por el efecto desestocaje que se ha producido en el segmento de maquillaje, donde OR t...

Pierre Tegner

L'Oreal : A slightly sharper drop than expected in Q2 l-f-l (-18.8%) and operating margin at -147bp …but excluding COVID-19 costs

>A mixed set of figures but reassuring nonetheless - Neutral rating maintained. The supply shock related to the lockdown measures does not facilitate analysis of the performance in H1 and Q2. The consumer segment fell more sharply than expected due to make-up while the luxury segment proved quite a lot more resilient than forecast. L’Oréal should therefore continue to be appreciated for its twin-edged status as a luxury and consumer stock, with leverage from e-commerc...

Pierre Tegner

L'Oréal : Baisse un peu plus forte qu’attendu au T2 en lfl (-18.8%) et MOP à -147 pb …mais hors coûts COVID

>Publication mitigée même si elle est rassurante - Neutre maintenu. Le choc d’offre lié aux mesures de confinement ne facilite pas la lecture de la performance du S1 et du T2. Le Consumer baisse bien plus fortement qu’attendu en raison du maquillage alors que le Luxe résiste bien mieux que prévu. Le titre devrait donc rester apprécié pour son double statut de valeur de luxe et de consommation avec un levier du e-commerce/digital qui est clairement un avantage compétit...

Research Department

INFORME DIARIO 31 JULIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, ARCELOR MITTAL, CAF, CAIXABANK, FERROVIAL, GRUPO CATALANA OCCIDENTE, MEDIASET ESPAÑA, MELIÁ HOTELS, TALGO. EUROPA: AB INBEV, BNP, ESSILORLUXOTTICA, INTESA SANPAOLO, LINDE, LOREAL, NOKIA, VINCI, VIVENDI, VOLKSWAGEN. Alemania arrastra a Europa Los malos datos del PIB del 2T’20 en Alemania, que podrían anticipar sorpresas negativas en la periferia, provocaron la toma de beneficios en el resto de plazas de Europa, con caídas por encima del -3%. En el Euro STOXX todos los sectores registraron pérdidas, encabezadas por los financieros Bancos y Seg...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EM Equities At New Highs Despite Some Caution Signs We continue to believe the path of least resistance is higher for global equities. As a result, our outlook remains bullish and we suggest buying any dips. · Global Equities Remain Bullish. A weaker US dollar (DXY) has paved the way for new highs in a number of non-US global indexes, including for emerging markets (EEM-US) and developed international (VEA-US). As we like to say, new highs are not a sell signal. We believe that as long as the DXY is below 96, it will be bullish for global risk sentiment and we believe EM/non-US outpe...

Bruno Cavalier ...
  • Jerôme Bodin
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/20/2020

Discussing a return of inflation may seem irrelevant at a time when there is so much downward pressure on prices (unemployment, raw materials). Inflation swaps are nonetheless picking up. Perhaps this is due to the effects of several long-term trends (ageing of the population, de-globalisation, etc.) combined with base effects on raw materials. While this return is likely to be gradual, it will imply an adjustment of portfolios. Value (banks) and commodities (mining) should benefit, e...

Bruno Cavalier ...
  • Jerôme Bodin
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/07/2020

Parler d’un retour de l’inflation peut sembler hors sujet tant les pressions baissières sur les prix sont nombreuses (chômage, matières premières). Pourtant les swaps d’inflation se redressent. Il faut peut-être y voir les effets de plusieurs tendances de long terme (vieillissement de la population, dé-globalisation,..) conjuguées à des effets de base sur les matières premières. Si ce retour sera probablement graduel, il va impliquer une adaptation des portefeuilles. La value (banques...

Alain William ...
  • Alexandre Iatrides
  • Christophe-Raphaël Ganet
  • Geoffroy Michalet
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Pierre Tegner
  • Sebastien Malafosse
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/19/2020

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Thanks to a better fundamental star rating, L'OREAL sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to L'OREAL (FR), active in the Personal Products & Services industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 2 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as moderately risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date May 29, 2020, the closing price was EUR 261.90 and its expected value was estimated at EUR 248.01.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Jehanne Leroy

L'Oréal - Assemblée Générale des actionnaires du 30 Juin 2020

Gouvernance : Le conseil propose la nomination d’Ilham Kadri (Directrice générale de Solvay) et de Nicolas Meyers (fils de Françoise Bettencourt) au conseil. Si l’arrivée de Mme Kadri au conseil ne pose pas problème selon Proxinvest, en revanche, dans le cas de M. Meyers, le fait que le conseil ne soit pas composé d’une majorité d’administrateurs libres de tout conflit d’intérêts ne nous permet pas de soutenir sa candidature (tout comme les renouvellements de Mme Guillaume-Grabish et M. Jean-Victor Meyers). Rémunérations : La société ne communique toujours pas les objectifs des critères finan...

Expert Corporate Governance Service (ECGS)

L'Oréal – AGM 30 June 2020

ITEMS 4, 5, 6 and 7: The Board proposes the appointment of Ilham Kadri (CEO of Solvay) and Nicolas Meyers (son of Françoise Bettencourt) to the Board. While Ms Kadri's arrival on the Board does not raise any concern, in the case of Mr Meyers, the fact that the Board does not comprise a majority of independent directors does not allow us to support his candidacy (as do the renewals of Ms Guillaume-Grabish and Mr Jean-Victor Meyers). ITEMS 8, 9 and 10: The Company still does not disclose the objectives of the financial criteria for the 2019 bonus that were to be achieved, for reasons of confiden...

Expert Corporate Governance Service (ECGS)

L'Oréal, April 18th, 2019

ITEM 6: the 2019 remuneration policy does not comprise any change compared to 2018. Thus it carries the same weaknesses (excessive potential amounts and potential vesting in case of underperformance). Thus, we do not support item 6. ITEM 7: for the first time, the company discloses individual achievement rates of the annual bonus financial criteria. However, it still does not disclose targets to be achieved, for confidentiality reason. We could hear this argument for an a priori disclosure, but in the case of a past fiscal year, this is not admissible. Moreover, it does not disclose either LT...

Jehanne Leroy

L'Oréal 18 Avril 2019

Rémunérations : Pour la première fois cette année, la société communique les taux de réalisation de chacun des critères financiers du bonus annuel, permettant ainsi une meilleure compréhension des montants attribués, ce dont nous la félicitons. Cependant, elle ne communique toujours pas les objectifs qui devaient être atteints pour des raisons de confidentialité. Si cet argument peut éventuellement s’entendre dans le cadre d’une divulgation a priori des objectifs, dans le cadre d’un exercice passé, elle reste tout à fait discutable, voire irrecevable. De même, dans le cadre de la rémunération ...

L'oréal - Assemblée générale des actionnaires du 18 avril 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

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