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About the Company
L’Oreal is a global cosmetics group that operates in 130 countries worldwide with major brands including L’Oreal Paris, Garnier, Lancôme, The Body Shop and Maybelline New York.
About the Shares
L’Oreal shares are up 15% year-to-date compared to the Euro Stoxx 50 which is down 4% and the CAC 40 which is flat for the year.
The outperformance is not a coincidence. It is a result of two strong quarters and an increase in management’s full year forecasts on the back of very promising results.
Price Target of €195/share
We increased our price target on L’Oreal post H116 results to €195/share (previously €184/share). The main contributor to the increase in Price Target was an improvement in our financial forecasts for 2017, moving them closer to market consensus. We are now more confident that the Group is well positioned to reach our projections. L’Oreal has also proved to be resilient in difficult times.
The increase in price target is justified in our view for the following reasons:
Potential for further growth
The negatives
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