L'Oreal : AGM: group upbeat on return to growth post coronavirus crisis but few indications on Q2
>2021e of 35x: reflects the groups strong confidence on the post-pandemic period - Neutral recommendation (target price: € 234). The share price performance of 8% YTD and 20% over three months takes the PER to 35x for 2021. This re-rating relative to the 30x which was reached six months ago values management’s resolute confidence in the post-pandemic period but also the more defensive profiles relative to the other major luxury goods stocks (LVMH). We note that the PE...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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