L'Oreal : EPS expected at +7% in 2018
>Still Neutral: is a P/E of 27x sustainable? - L’Oréal is due to report its 2018 earnings on Thursday evening with a meeting on Friday morning. We do not expect any particular surprises. Organic growth is set to remain very solid in Q4 and the operating margin should continue to gain ground in H2. But given the valuation (P/E 19e: 27x and EV/EBITDA19: 17x!), we are still very cautious on the upside offered by the stock; particularly if you compare the rerating enjoye...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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