L'Oréal : Baisse un peu plus forte qu’attendu au T2 en lfl (-18.8%) et MOP à -147 pb …mais hors coûts COVID
>Publication mitigée même si elle est rassurante - Neutre maintenu. Le choc d’offre lié aux mesures de confinement ne facilite pas la lecture de la performance du S1 et du T2. Le Consumer baisse bien plus fortement qu’attendu en raison du maquillage alors que le Luxe résiste bien mieux que prévu. Le titre devrait donc rester apprécié pour son double statut de valeur de luxe et de consommation avec un levier du e-commerce/digital qui est clairement un avantage compétit...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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