Oriflame (Hold, TP: SEK331.00) - Solid pace into Q4
Q3 revenues were 1% below our estimate while margins were above both us and consensus. We have raised our 2017–2019e EPS by c2% after the report. Well into Q4, which is the high season, we expect short-term focus on revenues and medium-term focus on the margin growth outlook for 2018–2019, as well as some slowing price/mix growth. We reiterate our HOLD recommendation but have raised our target price to SEK331 (312).Oriflame Holding AG. Oriflame Holding AG is a Switzerland-based developer, producer and marketer of beauty products. The Company's product portfolio includes skin care products, such as day and night creams, lip care, face treatments and serums and sun protectors, as well as facial brushes, sponges and mirrors; color cosmetics, such as lipstick, brushes, nail polish, eye make-up, eye make-up remover and powder; fragrances, including deodorants and perfume; personal and hair care products, such as shampoo, styling products, shower gel and oral care products; accessories, including bags, gloves, hats, sunglasses, watches, rings, necklaces, bracelets and scarves, and wellness products, such as soups, shakes and nutrition products.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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