L'Oreal : EPS at +31%: ripple effect. 2022 already > the consensus with a stable H2
>H1 results which should be well-received. Neutral rating maintained. 2023e P/E of 31x - With H1 beating EPS forecasts by 11%, underlying EBIT by 8%, revenue by 4% and organic growth (which is more balanced) by 2 points, the results should be well-received particularly by those current looking for quality stocks which have suffered a de-rating and underperformed YTD. Why are we sticking with our Neutral recommendation? 1/ We are confident on the quality of the fundame...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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