L'Oreal : Q3 at +13% l-f-l: a very strong sequential acceleration
>An acceleration that should support the valuation - Neutral recommendation maintained due to the high valuation. Our target price, which is increased to € 364, nevertheless suggests that the valuation remains solid at this stage and the very strong sequential acceleration in Q3 should support the share. Q3 at 13% l-f-l and 9M at +18% - Q3 showed organic growth of 13.1% beating all forecasts (consensus 7.6% and ODDOe at +6.8%) with strong momentum in...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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