L'Oreal : Standout Q1 growth: +7.7% in organic terms and +11.4% in reported terms
>The stock should react positively - Following the Q1 sales report, the stock should react positively (+2% to +3%) provided the momentum continues to underpin the share price despite the valuation which we still find too high (P/E 19e: 31x and EV/EBITA19e: € 22.6x). Organic growth, like the embedded currency effect, which are both higher than expected, should prompt an upgrade of 2% to the EPS consensus for 2019 and further out. Fundamentally, L’Oréal has once again 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.
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