L'Oreal : EPS +11%, organic growth 13.3% and operating margin +30bp
>A quality H1 report - Neutral rating reiterated with a € 387 TP. The solid operating performance achieved in H1 was slightly above (already high) expectations and demonstrates the efficiency of a pure player with a well-balanced and diversified footprint. EPS growth came out 2% higher than expected, but the decline in Sanofi’s dividend contribution was underestimated, the group confirmed that the full-year corporate tax rate would be higher, and currency effects det...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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