L'Oreal : A fine end to the year with Q4 +4.8% l-f-l and a nice surprise on operating margin stability in 2020
>Results that show the power of the model - Neutral rating maintained. The 2021e P/E 21e of 40x, after updating our estimates, very strongly values the efficiency of an operationally diversified pure player model, which has accelerated its market share gains during the crisis. The 2020 results, which are well above forecasts, should be well received both as regards organic growth and the fine showing in terms of the operating margin. Investors might nevertheless regre...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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.