L'Oreal : Organic growth forecast at -1% for 2020 with a sequence of -5%, -13%, +10%, +5% in Q1, Q2, Q3 and Q4
>Neutral recommendation maintained: impact limited to 2020 - With a 2021 P/E of 30x, the stock remains expensive and has showed particularly good resilience to the fall in the markets over the last six weeks. This is due to investors' belief that the impact of the COVID-19 epidemic will have a contained effect on 2020. Despite the brutal impact that can be expected in Q2 in the luxury and professional segments, L'Oréal remains in a position to generate 2020e EPS clos...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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