Report
Pierre Tegner

L'Oréal : Succession de JP Agon : pas si évident

>Statut de core holding - Neutre maintenu. Le PE 2021e proche de 37x reflète le statut de core holding d’un groupe dont le degré de concentration stratégique (1 bataille) et de diversification opérationnelle (toutes les armes possibles pour mener cette bataille avec un profil de risque équilibré) soutiennent la conviction des investisseurs que L’Oréal est probablement l’une des valeurs du Food HPC, tant en Europe qu’aux USA, qui est la mieux placée pour générer de man...
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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