While Wide-Moat L'Oréal Fails to Ring Up a Bargain, Investors Should Warm to Estée Lauder’s Edge
We've revisited our outlook on Estée Lauder and L'Oréal and, while we continue to think L'Oreal possesses a wide moat based on brand intangible assets and cost advantage, we've upgraded Estée Lauder's moat to wide from narrow to reflect our new perspective on the firm's competitive positioning. In this context, we also bumped up Estée's fair value estimate to $120, from $95, reflecting our revised take (and ultimately the duration over which we think it can out earn its cost of capital) combined...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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