L'Oréal : Très fort début d’année qui nous amène à anticiper 10% de croissance organique sur 2023 mais seulement +5% de BPA. PE 23e de 36x
>Grande qualité mais à un PE 23e de 36x - Neutre maintenu. L’Oréal est sans doute le pure player de qualité dont le modèle est le plus abouti au sein des acteurs européens et US du Food Spirits HPC. Nous estimons que cette supériorité est très fortement reflétée dans les multiples de PE (36x 2023e). En outre la forte performance du titre en YTD (+27%) peut paraître modeste par rapport à d’autres acteurs qui devraient bénéficier de la réouverture en Chine. Mais c’est ...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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