L'Oreal : Our 2020e forecasts: -4.7% l-f-l, op. margin at -57bp and EPS at -9%
>Sharp competitiveness gains but crisis impact will be visible on results - Neutral rating maintained. The share's performance (+15% over 12 months with a 2021 P/E of 41x) clearly reflects L’Oréal's competitiveness gains thanks to the efficiency of an operationally diversified pure player model which is therefore more agile than its competitors. With H2 set to deliver on the challenge of achieving l-f-l growth in a still-limited context in terms of cosmetics/beauty pr...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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