L'Oréal : BPA à +11%, croissance organique de 13.3% et une MOP à +30 pb
>Un S1 de qualité - Neutre maintenu avec un OC de 387 €. La très belle performance opérationnelle du S1 est un peu meilleure que des attentes déjà élevées et démontre l’efficacité d’un pure player avec une empreinte très équilibrée et diversifié. Si le BPA est 2% > aux attentes, le repli de la contribution de Sanofi qui était mal estimé, une confirmation de la hausse du taux d’IS sur l’année et la dégradation des effets FX, pourraient inciter le consensus à la baisse...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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