L'Oreal : Q4 topped expectations. Margin growth slightly weaker
>High quality results already well anticipated. Neutral recommendation maintained - Neutral recommendation maintained on a group that once again shows the resilience of its profitable growth model thanks to the depth of its operational footprint in beauty care, but whose valuation level (P/E 2022e: 40x) limits the share's medium-term upside. With 2021 EPS 1% ahead of expectations for higher organic growth but with the operating margin growing less strongly than expec...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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