L'Oreal : Q1 2021 forecast at +9% l-f-l
>Momentum which should provide support for the stock. Neutral maintained - Neutral rating maintained. The upturn in organic growth, given the favourable basis of comparison in Q1 and Q2, should stoke the momentum. The 2021e P/E of 45x, strongly values the efficiency of a pure player model that is operationally diversified and has been able to accelerate its market share gains during the crisis thanks to digital and the strength of its brand portfolio. ...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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