Estee Lauder Poised for Sustained Top-Line Expansion as It Bolsters Innovation Across Its Portfolio
Wide-moat Estee Lauder posted solid second-quarter results, with sales up 7% (versus our 5% 2019 forecast) and operating margin expanding 30 basis points (versus our 40-basis-point estimated expansion in 2019) to 19.3%. We don’t expect a material change to our $146 fair value estimate as we incorporate these results and reiterate our longer-term outlook for around 6% sales growth and high-teens operating margins. Shares ticked up by a low-double-digit percentage on the announcement as management...Estee Lauder Companies is a manufacturer and marketer of skin care, makeup, fragrance and hair care products. The company's products are sold under a number of brand names including: Estee Lauder, Clinique, Origins, MzAzC, Bobbi Brown, La Mer, Jo Malone London, Aveda and Too Faced. The company is also the global licensee for fragrances, cosmetics and/or related products sold under various designer brand names. The company's products include skin care, makeup and related items such as compacts, brushes and other makeup tools, fragrance sold in various forms, hair care, and other ancillary products and services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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