L'Oreal : A slightly sharper drop than expected in Q2 l-f-l (-18.8%) and operating margin at -147bp …but excluding COVID-19 costs
>A mixed set of figures but reassuring nonetheless - Neutral rating maintained. The supply shock related to the lockdown measures does not facilitate analysis of the performance in H1 and Q2. The consumer segment fell more sharply than expected due to make-up while the luxury segment proved quite a lot more resilient than forecast. L’Oréal should therefore continue to be appreciated for its twin-edged status as a luxury and consumer stock, with leverage from e-commerc...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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