Prestige Sales Outshine a More Muted Mass Segment at L'Oreal in the First Half; Shares Fairly Valued
We don’t foresee a material change to our EUR 166 fair value estimate for L'Oreal after first-half results that included 4% underlying sales growth (in excess of the more tepid low-single-digit results posted by other consumer product segments) and 60 basis points of operating margin expansion to 18.9%. In our view, L’Oreal’s ability to generate solid sales growth and profit improvement is a testament to its leading brand mix, entrenched retail relationships, and cost edge, which in combination ...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.
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