L'Oréal : T1 à +10.2% en lfl. Poursuite des gains de parts de marché
>Un T1 qui devrait soutenir la valorisation élevée du titre - Neutre maintenu. Après révision de +3% de notre séquence de BPA sur 2021-2022 et au-delà, le PER 2021 ressort à 43x. Un tel multiple valorise très fortement l’efficacité d’un modèle de pure player diversifié opérationnellement sur un territoire stratégique dédié (le Beauty) et qui démontre pendant cette crise sa capacité à accélérer ses gains de part de marché grâce au digital et à la force de son portefeui...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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