L'Oreal : A dissuasive valuation but which can be justified in the current context by the resilience of the business model and exposure to the premium market
>Neutral maintained: limited risk of underperformance in the short term - Neutral recommendation maintained with a target price of € 357. With a PER of 44x and 2022e EV/EBITDA of 28x, the valuation remains dissuasive. That said, it could be justified by 1/ the current context of the scarcity of defensive growth stocks, 2/ the valuation levels of luxury/premium players and 3/ fears regarding inflationary risk to which L’Oréal is under exposed due to the level of its gr...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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