Initiating Coverage on No-Moat Coty; Shares Trading in Line With $15.90 FVE
We are initiating coverage on Coty with a fair value estimate of $15.90 per share, which implies a 2017 price/earnings ratio of 24 and enterprise value/EBITDA ratio of 14. In October 2016, Coty acquired Procter & Gamble’s specialty beauty business, which roughly doubled its revenue base and made it the leading player in the global fragrance market. We view this acquisition as a watershed moment for the firm, and expect it to reinforce Coty’s bottom line over the long term as it integrates th...Coty and its subsidiaries are a beauty company. The company manufactures, markets, sells and distributes beauty products, including fragrances, color cosmetics, hair care products and skin and body related products. The company is organized into three divisions, which is also its operating and reportable segments: Consumer Beauty, Luxury and Professional Beauty. Consumer Beauty is primarily focused on color cosmetics, retail hair coloring and styling products, body care and mass fragrances. Luxury is primarily focused on fragrances, skincare and cosmetics. Professional Beauty is primarily focused on hair and nail care products for salon personnel.
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