Report
Pierre Tegner

L'Oréal : Des résultats de qualité mais un fort ralentissement de la croissance organique au T4

>Une fin d’année qui pourrait être mal accueillie - Neutre maintenu avec un OC de 387 €. L’Oréal reste la valeur de qualité dont le modèle de croissance rentable est le plus abouti et le plus résilient au sein du Food Beverage HPC que ce soit en Europe ou même aux Etats-Unis. D’où l’expansion du PE (35x 2024e) dans un contexte global de derating du secteur mais aussi de pénurie de valeurs de qualités dont le momentum de court et moyen terme ne posait aucune question p...
Underlying
L'Oreal SA

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Pierre Tegner

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