L'Oreal : A very strong start to the year prompts us to anticipate organic growth of 10% in 2023 but just +5% for EPS. 2023e PER of 36x
>Good quality but a 2023e PET of 3.6x - Neutral maintained. L’Oréal is probably the pure player with the most accomplished model amongst the players in the European and US Food Spirits HPC sector. We think that this superiority is very strongly reflected in the PER multiples (36x 2023e). Moreover, the share’s strong YTD performance (+27%) may appear modest relative to other sector players which should benefit from the reopening of China. But this has more to do with t...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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