L'Oreal : Q2 +33% l-f-l and recovery in the operating margin in H1. Compared with H1 2019, sales grew +6.6% l-f-l and underlying EBIT +3%
>Results should be well received - Neutral recommendation maintained on the stock which continues to benefit from the expansion of PER (46x 2022e) like the other groups in the consumer sector that have focused on a strategic battle with a sufficiently broad degree of operational diversification to gain market share and benefit from structural agility which remains a factor of resilience for investors. Despite the YTD performance and its level of valuation, the s...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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