Report
Pierre Tegner

L'Oréal : T4 supérieur aux attentes. Marge qui progresse un peu moins fortement

>Des résultats de grande qualité déjà bien anticipés. Neutre maintenu - Neutre maintenu sur un groupe qui montre encore une fois la résilience de son modèle de croissance rentable grâce à la profondeur de son empreinte opérationnelle sur la Beauté mais dont le niveau de valorisation (PER 22e : 40x) limite le potentiel de hausse du titre à moyen terme. Avec un BPA 2021 1% supérieur aux attentes pour une croissance organique supérieure mais pour une MOP qui progresse mo...
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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