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
Pierre Tegner

L'Oreal : AGM: group upbeat on return to growth post coronavirus crisis but few indications on Q2

>2021e of 35x: reflects the groups strong confidence on the post-pandemic period - Neutral recommendation (target price: € 234). The share price performance of 8% YTD and 20% over three months takes the PER to 35x for 2021. This re-rating relative to the 30x which was reached six months ago values management’s resolute confidence in the post-pandemic period but also the more defensive profiles relative to the other major luxury goods stocks (LVMH). We note that the PE...

Pierre Tegner

L'Oréal : AG : forte confiance sur le retour de la croissance post crise mais très peu d’indication sur le T2

>PE 21e de 35x : reflet la forte confiance sur l’après-crise - Neutre maintenu (OC : 234 €). La performance de 8% du titre en YTD et de 20% sur 3 mois a désormais porté le PE à 35x sur 2021. Ce rerating par rapport aux niveaux de 30x qui étaient atteints il y a 6 mois valorise la confiance constante du management sur l’après crise mais aussi le profil plus défensif par rapport à d’autres grandes valeurs du luxe (LVMH). On observe que l’écart de PE (5 points) entre ces...

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

Pierre Tegner

L'Oreal : AGM: group upbeat on return to growth post coronavirus crisis but few indications on Q2

>2021e of 35x: reflects the groups strong confidence on the post-pandemic period - Neutral recommendation (target price: € 234). The share price performance of 8% YTD and 20% over three months takes the PER to 35x for 2021. This re-rating relative to the 30x which was reached six months ago values management’s resolute confidence in the post-pandemic period but also the more defensive profiles relative to the other major luxury goods stocks (LVMH). We note that the PE...

Pierre Tegner

L'Oréal : AG : forte confiance sur le retour de la croissance post crise mais très peu d’indication sur le T2

>PE 21e de 35x : reflet la forte confiance sur l’après-crise - Neutre maintenu (OC : 234 €). La performance de 8% du titre en YTD et de 20% sur 3 mois a désormais porté le PE à 35x sur 2021. Ce rerating par rapport aux niveaux de 30x qui étaient atteints il y a 6 mois valorise la confiance constante du management sur l’après crise mais aussi le profil plus défensif par rapport à d’autres grandes valeurs du luxe (LVMH). On observe que l’écart de PE (5 points) entre ces...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Stick With Global Technology Global indexes remain overwhelmingly positive which is supported by the fact that there is a dearth of breakdowns. Overall our big picture view remains unchanged; overhead longer-term resistance on the MSCI EM, EAFE, and ACWI ex-US indexes (all priced in local currency) is something to be aware of, however if the ACWI-US is above $70 our intermediate-term outlook remains bullish and we suggest buying any dips. · Index Overviews. Global (MSCI EM, EAFE, and ACWI ex-US indexes) and major country indexes (S&P 500, EURO STOXX 50, TOPIX) are in a consolidation ...

Research Department

INFORME DIARIO 19 JUNIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, CELLNEX, IAG, IBERPAPEL. EUROPA: L’ORÉAL. El miedo al rebrote cotiza en el mercado La aparición de varios focos de infección en Alemania, China y Portugal provocaron ventas en las bolsas europeas, destacando otra vez el Ibex (-1,2%) vs al resto (Euro STOXX 50 -0,5%). En el Euro STOXX los mejores sectores fueron Viajes&Ocio y Químicas mientras que Industria y R. Básicos presentaron las mayores caídas. Por el lado macro, en España 4 de los 5 grandes bancos solicitaron el importe máximo permitido por el BCE en las TLTRO. En total la banca euro...

Pierre Tegner

L'Oreal : Change at the helm of the active cosmetics division: smooth transition and outside promotion

>A challenge after 15 years of success - Taking over from Brigitte Liberman at the helm of the active cosmetics division is a real challenge, particularly for someone from outside the group. The decision not to promote someone internally is moreover unprecedented. That said, without meaning in any way to detract from Brigitte Liberman’s achievements, this division is also driven by an underlying trend (personal care) that is very solid and also profitable thanks to a ...

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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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 – COMMENTAIRES DETAILLES 19/05/2020

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Anis Zgaya ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/13/2020

This crisis has provided an opportunity for the telecoms sector to demonstrate its operational resilience and strategic importance. We have upgraded Proximus and Orange BE to Buy, Iliad and Deutsche Telekom remain our Top Picks whilst Telefonica is suffering from its presence in Latin America. Cf. report published today. - ...

Anis Zgaya ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/05/2020

Cette crise aura été l’occasion pour les télécoms de démontrer leur résilience opérationnelle et leur aspect stratégique. Nous upgradons à l’Achat Proximus et Orange BE, Iliad et DT restent nos top pick, Telefonica souffre de sa présence au Latam. - ...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/12/2020

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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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