L'Oreal : Q1 as expected at -4.8% l-f-l but surprising nonetheless
>Confident tone on post-COVID-19 - Neutral rating maintained. The stock has held up relatively well since the market peak in mid-February and the 30x 2021e PER reflects the defensive quality of a group whose high degree of diversification allows it not only to absorb shocks but also to capture any trend reversal. In this respect, top management maintains its line unchanged, having confirmed yesterday, during the conference call that this crisis - which is a supply cr...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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