L'Oreal : 2018 EPS of +6.4% - very high quality with a good end to the year. What about 2019?
>Revised target price of € 193 with target 2019e P/E of 25x: Neutral - The 2018 earnings are of very high quality with a very good end to the year (Q4 at +7.7% organic) and operating margin growth driven by an improvement in the gross margin, some of which was re-invested in marketing. We must nevertheless point out that EPS is 0.6% lower than the consensus due to a smaller increase in the operating margin and that this release, even though it is of excellent quality,...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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