Financials L'Oréal

Equities

OR

FR0000120321

Personal Products

Market Closed - Euronext Paris Other stock markets 11:36:29 2024-02-09 am EST			5-day change	1st Jan Change
418.8 ^EUR	-7.58%		-6.44%	-7.07%

Feb. 09	Stocks buoyed by Wall Street, US Treasury yields rise	RE
Feb. 09	LOREAL : DZ Bank reiterates its Buy rating	ZD

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	112,588	147,336	174,003	232,521	178,538	223,943	223,943	-
Enterprise Value (EV) ¹	109,838	142,900	168,462	231,489	181,571	240,974	224,381	220,351
P/E ratio	29.1 x	39.6 x	49 x	50.8 x	31.4 x	39.1 x	32.8 x	29.8 x
Yield	1.91%	1.61%	1.29%	1.15%	1.8%	1.53%	1.68%	1.82%
Capitalization / Revenue	4.18 x	4.93 x	6.22 x	7.2 x	4.67 x	5.85 x	5.04 x	4.75 x
EV / Revenue	4.08 x	4.78 x	6.02 x	7.17 x	4.75 x	5.85 x	5.05 x	4.67 x
EV / EBITDA	18.2 x	19 x	23.3 x	29.1 x	20.2 x	23 x	21.6 x	19.3 x
EV / FCF	28.3 x	28.4 x	30.7 x	40.9 x	36.7 x	34 x	31.1 x	28.2 x
FCF Yield	3.53%	3.52%	3.25%	2.44%	2.72%	2.94%	3.21%	3.54%
Price to Book	4.21 x	5.05 x	6.02 x	9.9 x	6.57 x	7.61 x	6.97 x	6.35 x
Nbr of stocks (in thousands)	559,584	558,089	559,857	557,672	535,187	534,725	534,725	-
Reference price ²	201.2	264.0	310.8	417.0	333.6	418.8	418.8	418.8
Announcement Date	2/7/19	2/6/20	2/11/21	2/9/22	2/9/23	2/8/24	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	26,937	29,874	27,992	32,288	38,261	41,182	44,452	47,172
EBITDA ¹	6,031	7,506	7,237	7,941	8,993	9,852	10,406	11,440
EBIT ¹	4,922	5,548	5,209	6,160	7,457	8,143	8,896	9,624
Operating Margin	18.27%	18.57%	18.61%	19.08%	19.49%	19.77%	20.01%	20.4%
Earnings before Tax (EBT) ¹	5,184	5,411	4,776	6,047	7,611	8,107	8,830	9,666
Net income ¹	3,895	3,750	3,563	4,597	5,707	6,184	6,864	7,368
Net margin	14.46%	12.55%	12.73%	14.24%	14.92%	15.02%	15.44%	15.62%
EPS ²	6.920	6.660	6.340	8.210	10.61	11.52	12.76	14.07
Free Cash Flow ¹	3,876	5,032	5,481	5,653	4,944	6,677	7,210	7,809
FCF margin	14.39%	16.84%	19.58%	17.51%	12.92%	16.07%	16.22%	16.55%
FCF Conversion (EBITDA)	64.26%	67.04%	75.73%	71.19%	54.98%	67.78%	69.29%	68.26%
FCF Conversion (Net income)	99.5%	134.18%	153.81%	122.97%	86.64%	106.38%	105.04%	105.99%
Dividend per Share ²	3.850	4.250	4.000	4.800	6.000	6.398	7.029	7.631
Announcement Date	2/7/19	2/6/20	2/11/21	2/9/22	2/9/23	2/8/24	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S1	2019 S2	2020 S1	2020 S2	2021 Q1	2021 Q2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2
Net sales ¹	14,812	15,062	13,076	14,916	7,614	7,582	15,197	7,997	9,094	17,091	9,060	9,306	18,366	9,575	10,319	19,894	10,380	10,194	20,574	10,003	10,792	20,608
EBITDA	3,812	3,694	3,145	4,092	-	-	3,898	-	-	4,043	-	-	4,372	-	-	4,621	-	-	5,170	-	-	-
EBIT	2,888	2,659	2,357	2,852	-	-	2,988	-	-	3,172	-	-	3,746	-	-	3,711	-	-	4,259	-	-	3,884
Operating Margin	19.5%	17.65%	18.03%	19.12%	-	-	19.66%	-	-	18.56%	-	-	20.39%	-	-	18.66%	-	-	20.7%	-	-	18.85%
Earnings before Tax (EBT)	3,051	2,361	-	2,490	-	-	3,022	-	-	3,025	-	-	-	-	-	-	-	-	-	-	-	-
Net income	2,327	1,423	-	1,741	-	-	2,363	-	-	2,234	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	15.71%	9.45%	-	11.67%	-	-	15.55%	-	-	13.07%	-	-	-	-	-	-	-	-	-	-	-	-
EPS	4.130	2.530	3.250	-	-	-	4.210	-	-	4.000	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	7/30/19	2/6/20	7/30/20	2/11/21	4/15/21	7/29/21	7/29/21	10/21/21	2/9/22	2/9/22	4/19/22	7/28/22	7/28/22	10/20/22	2/9/23	2/9/23	4/27/23	7/27/23	7/27/23	10/19/23	-	2/8/24

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	3,033	2,881	438	-
Net Cash position ¹	2,751	4,435	5,541	1,033	-	-	-	3,592
Leverage (Debt/EBITDA)	-	-	-	-	0.3373 x	0.2924 x	0.0421 x	-
Free Cash Flow ¹	3,876	5,032	5,481	5,653	4,944	6,677	7,210	7,809
ROE (net income / shareholders' equity)	15.4%	15.5%	14%	17.5%	22.5%	22.9%	22.8%	22.5%
ROA (Net income/ Total Assets)	10.6%	9.12%	9.38%	10.6%	12.7%	13.1%	14.1%	14.1%
Assets ¹	36,898	41,134	37,997	43,312	44,929	47,754	48,679	52,343
Book Value Per Share ²	47.80	52.30	51.60	42.10	50.80	55.00	60.10	65.90
Cash Flow per Share ²	9.400	11.10	11.50	12.00	11.70	15.20	16.20	18.10
Capex ¹	1,416	1,231	972	1,075	1,334	1,618	1,709	1,808
Capex / Sales	5.26%	4.12%	3.47%	3.33%	3.49%	3.89%	3.84%	3.83%
Announcement Date	2/7/19	2/6/20	2/11/21	2/9/22	2/9/23	2/8/24	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for L'Oréal

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

418.8 EUR

Average target price

430.3 EUR

Spread / Average Target

+2.75%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Cosmetics & Perfumes

	1st Jan change	Capi.
L'ORÉAL	-7.07%	241 B $
KAO CORPORATION	-3.00%	17 514 M $
SHISEIDO COMPANY, LIMITED	-0.16%	11 361 M $
COTY INC.	-6.44%	10 402 M $
AMOREPACIFIC CORPORATION	-10.76%	5 965 M $
INTER PARFUMS, INC.	+5.68%	4 867 M $
PROYA COSMETICS CO.,LTD.	-14.07%	4 735 M $
NATURA &CO HOLDING S.A.	-2.37%	4 583 M $
INTERPARFUMS	-0.20%	3 747 M $
KOSÉ CORPORATION	-9.23%	3 668 M $

Cosmetics & Perfumes