L'Oreal S.A.

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.
  • TickerOR
  • ISINFR0000120321
  • ExchangeEuronext Paris
  • SectorPersonal Goods
  • CountryFrance

Analysts

Erin Lash

With solid brand intangible assets and expansive global scale, L'Oreal touts a competitive edge.

After digesting L’Oreal’s first-half results--which included 4.5% constant-currency sales growth and a 20-basis-point bump in operating margins to 18.3%--we’re holding firm on our EUR 157 fair value estimate. From our vantage point, L'Oreal's portfolio of leading brands that carry significant weight in the eyes of retailers that depend on the firm's offerings to drive store traffic, combined with its cost edge, warrants a wide moat. Further, our long-term forecast, which calls for about 5% annua...

Erin Lash

With solid brand intangible assets and expansive global scale, L'Oreal touts a competitive edge.

After digesting L’Oreal’s first-half results--which included 4.5% constant-currency sales growth and a 20-basis-point bump in operating margins to 18.3%--we’re holding firm on our EUR 157 fair value estimate. From our vantage point, L'Oreal's portfolio of leading brands that carry significant weight in the eyes of retailers that depend on the firm's offerings to drive store traffic, combined with its cost edge, warrants a wide moat. Further, our long-term forecast, which calls for about 5% annua...

Matthieu DRIOL

Analyse court terme - L'OREAL : La résistance est proche.

Lors de notre dernière analyse court terme (14/10/2016), nous avions opté pour un avis neutre. Nous restons neutre. Nous n'avons pas d'éléments qui nous permettent d'anticiper la fin de la consolidation. Arguments : - La résistance est proche.

Matthieu DRIOL

Short term view - L'OREAL : The resistance is close.

In our previous short term analysis (14/10/2016), we were neutral. We remain neutral. We do not have elements to anticipate the end of the consolidation. Arguments : - The resistance is close.

Erin Lash

L'Oreal Continues to Outperform in the Third Quarter, but Market Is Pricing in Growth Opportunity

L’Oreal posted another solid performance in the third quarter, driven by luxury and emerging markets, but the firm is tracking below our full-year growth forecasts due to a currency headwind. We will review our assumptions but do not plan to make an immediate change to our EUR 161 fair value estimate. We are also reiterating our wide economic moat rating, which is derived from a cost advantage over smaller competitors and intangible assets in certain product segments. We regard the shares as bei...

Loic Morvan

L'ORÉAL: Major changes at the group’s Executive Committee | BUY | EUR206

L'ORÉAL - BUY | EUR206(-1%) Major changes at the group’s Executive Committee M. Mulliez, CFO, will leave the company for personal reasons New President at L’Oréal Luxe Buy maintained

Erin Lash

With solid brand intangible assets and expansive global scale, L'Oreal touts a competitive edge.

After digesting L’Oreal’s first-half results--which included 4.5% constant-currency sales growth and a 20-basis-point bump in operating margins to 18.3%--we’re holding firm on our EUR 157 fair value estimate. From our vantage point, L'Oreal's portfolio of leading brands that carry significant weight in the eyes of retailers that depend on the firm's offerings to drive store traffic, combined with its cost edge, warrants a wide moat. Further, our long-term forecast, which calls for about 5% annua...

Erin Lash

With solid brand intangible assets and expansive global scale, L'Oreal touts a competitive edge.

After digesting L’Oreal’s first-half results--which included 4.5% constant-currency sales growth and a 20-basis-point bump in operating margins to 18.3%--we’re holding firm on our EUR 157 fair value estimate. From our vantage point, L'Oreal's portfolio of leading brands that carry significant weight in the eyes of retailers that depend on the firm's offerings to drive store traffic, combined with its cost edge, warrants a wide moat. Further, our long-term forecast, which calls for about 5% annua...

Erin Lash

L'Oreal Continues to Outperform in the Third Quarter, but Market Is Pricing in Growth Opportunity

L’Oreal posted another solid performance in the third quarter, driven by luxury and emerging markets, but the firm is tracking below our full-year growth forecasts due to a currency headwind. We will review our assumptions but do not plan to make an immediate change to our EUR 161 fair value estimate. We are also reiterating our wide economic moat rating, which is derived from a cost advantage over smaller competitors and intangible assets in certain product segments. We regard the shares as bei...

Erin Lash

L'Oreal Posts Solid Fourth-Quarter Performance; Luxury and Emerging Markets Main Drivers

L’Oreal posted another solid performance in the fourth quarter, driven by luxury and emerging markets, but the firm missed our full-year growth forecasts due to a currency headwind. We do not plan to make an immediate change to our EUR 161 fair value estimate because the impact of the revenue miss is mitigated by the impact of the time value of money. We are also reiterating our wide economic moat rating, which is derived from a cost advantage over smaller competitors and intangible assets in ce...

Erin Lash

L'Oreal's solid brand intangible assets and cost edge shine even in the face of intense competition.

L’Oreal posted another solid performance in the fourth quarter, driven by luxury and emerging markets, but the firm missed our full-year growth forecasts due to a currency headwind. We do not plan to make an immediate change to our EUR 161 fair value estimate because the impact of the revenue miss is mitigated by the impact of the time value of money. We are also reiterating our wide economic moat rating, which is derived from a cost advantage over smaller competitors and intangible assets in ce...

1 director sold

A director at L'Oreal sold 9,000 shares at 250.069EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board membe...

Alex Koagne ...
  • Emmanuel Matot
  • Michael Foundoukidis
  • Pierre Tegner
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/10/2018

Le développement d’ISS sur les services intégrés et les grands comptes devrait lui permettre d’accélérer sa croissance et d’accroître sa rentabilité. Outre le fort rebond opérationnel attendu en 2019, la solide génération de FCF sera le driver de la valorisation à moyen terme. Celle-ci nous paraît attractive à 10.5x en VE/EBIT 19e. - Cf. étude publiée ce jour. - ...

Alex Koagne ...
  • Emmanuel Matot
  • Michael Foundoukidis
  • Pierre Tegner
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/12/2018

The development of ISS in integrated services and key accounts should make it possible to speed up growth and boost margins. Aside from the strong rebound in operations expected in 2019, solid FCF generation will likely be the driver in the medium term for the valuation. This valuation is attractive in our view at 10.5x 2019e EV/EBIT. - Cf. equity report - ...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Emmanuel Matot
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Veysel Taze
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/10/2018

Le sell-off actuel et les corrections précédentes ont les mêmes causes : doutes sur le cycle macroéconomique avec crainte d’un ralentissement violent, potentiellement aggravé par une politique monétaire procyclique. Le marché obligataire US oppose une vision optimiste à ce tableau apocalyptique. Le potentiel de progression du rendement de l’UST via les taux réels semble épuisé et ouvre la porte à une baisse des taux longs, facteur de soutien pour les actions à condition toutefois que ...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Emmanuel Matot
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Veysel Taze
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/29/2018

The current sell-off and the previous corrections have the same causes: doubts on the macro-economic cycle with fears of a brutal slowdown potentially aggravated by a pro-cyclical monetary policy. The US bond market has an optimistic view of this apocalyptic picture. The potential for the yield on US Treasuries to increase via real rates seems exhausted and paves the way for a decline in long-term rates, a support factor for equities, provided, however, that the Democrats prevail. Th...

Ahmed Ben Salem ...
  • Alex Koagne
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 31/10/2018

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Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

L'Oréal

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MarketLine Department

Sally Beauty Holdings, Inc. - Strategy, SWOT and Corporate Finance Report

Sally Beauty Holdings, Inc. - Strategy, SWOT and Corporate Finance Report Summary Sally Beauty Holdings, Inc. - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Sally Beauty Holdings, Inc. (Sally Beauty) is an international specialty retailer and distributor of professional beauty supplies. The company offers third-party branded and exclusive-label professional be...

Loic Morvan ...
  • Virginie Roumage

HPC: Favouring L’Oréal and Unilever in 2019

HPC Favouring L’Oréal and Unilever in 2019 Beauty: strong dynamism driven by emerging markets The Home Care market: Asia Pacific and automatic dishwashing driving growth

MarketLine Department

Coty Inc. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Coty Inc. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Coty Inc. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights Thi...

Loic Morvan ...
  • Virginie Roumage

HPC | A more digitalized, natural and personalized beauty

SECTOR | HPC | A more digitalized, natural and personalized beauty The global beauty market remains particularly robust. We believe it should grow by 5% in 2019 (+5.5% in 2018), compared with a CAGR of 4% since 2007. The main sources of growth drivers are still premiumisation, the expanding middle classes in emerging markets, widespread urbanisation (especially in new markets) and the ageing global population (especially in western countries).

Loic Morvan ...
  • Virginie Roumage

HPC | Vers une beauté digitalisée, naturelle et personnalisée

SECTOR | HPC | Vers une beauté digitalisée, naturelle et personnalisée Le marché mondial de la beauté continue à être particulièrement bien orienté. Nous pensons qu’il devrait progresser de 5% en 2019 (+5.5% en 2018), ce qui se compare à un TCAM de 4% depuis 2007. Les principaux relais de croissance demeurent la premiumisation, la montée en puissance des classes moyennes dans les pays émergeants, l’urbanisation grandissante (en particulier dans les nouveaux marchés) et le vieillissement de la population mondiale (spécialement dans les pays développés)

Jehanne Leroy

Proxy Report - 17/04/2018

Le 21 septembre 2017, Lilian Bettencourt, fille d'Eugène Schueller, fondateur du groupe L'Oréal, est décédée. Le pacte d'actionnaire conclu entre Nestlé et la famille Bettencourt a pris fin le 21 mars dernier (6 mois après le décès de Mme Bettencourt, conformément aux conditions d'application du pacte). Le 15 février, Nestlé a publié un communiqué dans lequel il est indiqué " Le pacte d'actionnaires qui lie Nestlé et la famille Bettencourt arrive à expiration le 21 mars 2018. Afin de maintenir toutes les options ouvertes dans l'intérêt des actionnaires Nestlé, le Conseil d'administration a dé...

Jehanne Leroy

Proxy Report - 17/04/2018

On September, 21st 2017, Liliane Bettencourt, daughter of Eugene Schueller, founder of L’Oréal, passed away. The shareholders agreement between Nestlé and the Bettencourt Family ended on March, 21st 2018 (6 months after Ms Bettencourt dies, in line with provisions). On February 15th 2017, Nestle published a press release: “The shareholders agreement between Nestlé and the Bettencourt family is due to expire on March 21, 2018. In order to maintain all available options for the benefit of Nestlé's shareholders, the Board of Directors has decided not to renew this agreement. We do not intend to ...

L'Oréal – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

L'oréal - Assemblée générale des actionnaires du 18 avril 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Jehanne Leroy

L'Oréal 18 Avril 2019

Rémunérations : Pour la première fois cette année, la société communique les taux de réalisation de chacun des critères financiers du bonus annuel, permettant ainsi une meilleure compréhension des montants attribués, ce dont nous la félicitons. Cependant, elle ne communique toujours pas les objectifs qui devaient être atteints pour des raisons de confidentialité. Si cet argument peut éventuellement s’entendre dans le cadre d’une divulgation a priori des objectifs, dans le cadre d’un exercice passé, elle reste tout à fait discutable, voire irrecevable. De même, dans le cadre de la rémunération ...

Matthieu DRIOL

Analyse court terme - L'OREAL : La résistance est proche.

Lors de notre dernière analyse court terme (14/10/2016), nous avions opté pour un avis neutre. Nous restons neutre. Nous n'avons pas d'éléments qui nous permettent d'anticiper la fin de la consolidation. Arguments : - La résistance est proche.

Matthieu DRIOL

Short term view - L'OREAL : The resistance is close.

In our previous short term analysis (14/10/2016), we were neutral. We remain neutral. We do not have elements to anticipate the end of the consolidation. Arguments : - The resistance is close.

Matthieu DRIOL

Analyse court terme - L'OREAL : Pull-back

Notre précédent avis était neutre. Nous sommes maintenant négatif avec un objectif à 155,7 € et un niveau d'invalidation à 161,2 €. Les prix sont très près du niveau d'invalidation de la tendance, nous profitons de cette zone de risque bas pour passer négatifs. Arguments : -...

Matthieu DRIOL

Short term view - L'OREAL : Pull-back

Our previous opinion was neutral. We turn negative with a target at 155,7 € and an invalidation level at 161,2 €. Prices are very close to the trend's invalidation level, we take advantage of this low risk area to turn negative. Arguments : - Prices are pulling back to the...

Valérie GASTALDY

Medium term view - L'OREAL : The major support has been reached.

The trend is momentarily interrupted by a consolidation on a shorter time horizon but prices remain above the invalidation level at €156.00. It can resume at anytime towards the target at €178.02.Arguments :- The major support has been reached.- The moving average is supporting...

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