Financials L'Oréal

Equities

OR

FR0000120321

Personal Products

Market Closed - Euronext Paris 11:35:06 2024-02-23 am EST 5-day change 1st Jan Change
450.2 EUR -0.21% Intraday chart for L'Oréal +1.76% -0.10%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 112,588 147,336 174,003 232,521 178,538 240,733 240,733 -
Enterprise Value (EV) 1 109,838 142,900 168,462 231,489 181,571 240,974 242,144 239,259
P/E ratio 29.1 x 39.6 x 49 x 50.8 x 31.4 x 39.1 x 35.5 x 32.7 x
Yield 1.91% 1.61% 1.29% 1.15% 1.8% 1.46% 1.56% 1.69%
Capitalization / Revenue 4.18 x 4.93 x 6.22 x 7.2 x 4.67 x 5.85 x 5.45 x 5.11 x
EV / Revenue 4.08 x 4.78 x 6.02 x 7.17 x 4.75 x 5.85 x 5.48 x 5.08 x
EV / EBITDA 18.2 x 19 x 23.3 x 29.1 x 20.2 x 24.7 x 23.1 x 21 x
EV / FCF 28.3 x 28.4 x 30.7 x 40.9 x 36.7 x 36.5 x 34.1 x 30.8 x
FCF Yield 3.53% 3.52% 3.25% 2.44% 2.72% 2.74% 2.94% 3.24%
Price to Book 4.21 x 5.05 x 6.02 x 9.9 x 6.57 x 8.18 x 7.51 x 6.93 x
Nbr of stocks (in thousands) 559,584 558,089 559,857 557,672 535,187 534,725 534,725 -
Reference price 2 201.2 264.0 310.8 417.0 333.6 450.2 450.2 450.2
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 44,160 47,097
EBITDA 1 6,031 7,506 7,237 7,941 8,993 9,852 10,478 11,396
EBIT 1 4,922 5,548 5,209 6,160 7,457 8,143 8,839 9,601
Operating Margin 18.27% 18.57% 18.61% 19.08% 19.49% 19.77% 20.02% 20.38%
Earnings before Tax (EBT) 1 5,184 5,411 4,776 6,047 7,611 8,107 8,793 9,619
Net income 1 3,895 3,750 3,563 4,597 5,707 6,184 6,798 7,319
Net margin 14.46% 12.55% 12.73% 14.24% 14.92% 15.02% 15.39% 15.54%
EPS 2 6.920 6.660 6.340 8.210 10.61 11.52 12.69 13.77
Free Cash Flow 1 3,876 5,032 5,481 5,653 4,944 6,677 7,111 7,758
FCF margin 14.39% 16.84% 19.58% 17.51% 12.92% 16.07% 16.1% 16.47%
FCF Conversion (EBITDA) 64.26% 67.04% 75.73% 71.19% 54.98% 67.78% 67.87% 68.08%
FCF Conversion (Net income) 99.5% 134.18% 153.81% 122.97% 86.64% 106.38% 104.61% 106%
Dividend per Share 2 3.850 4.250 4.000 4.800 6.000 6.600 7.004 7.628
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 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 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 10,891 10,819 21,696 10,766 22,212
EBITDA 3,812 3,694 3,145 4,092 - - 3,898 - - 4,043 - - 4,372 - - 4,621 - - 5,170 - - - - - 5,338 - 5,287
EBIT 2,888 2,659 2,357 2,852 - - 2,988 - - 3,172 - - 3,746 - - 3,711 - - 4,259 - - 3,884 - - 4,456 - 4,310
Operating Margin 19.5% 17.65% 18.03% 19.12% - - 19.66% - - 18.56% - - 20.39% - - 18.66% - - 20.7% - - 18.85% - - 20.54% - 19.4%
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 2,933 1,411 -
Net Cash position 1 2,751 4,435 5,541 1,033 - - - 1,474
Leverage (Debt/EBITDA) - - - - 0.3373 x 0.2977 x 0.1346 x -
Free Cash Flow 1 3,876 5,032 5,481 5,653 4,944 6,677 7,111 7,758
ROE (net income / shareholders' equity) 15.4% 15.5% 14% 17.5% 22.5% 22.9% 22.5% 22.7%
ROA (Net income/ Total Assets) 10.6% 9.12% 9.38% 10.6% 12.7% 13.1% 12.7% 13.8%
Assets 1 36,898 41,134 37,997 43,312 44,929 47,754 53,396 53,206
Book Value Per Share 2 47.80 52.30 51.60 42.10 50.80 55.00 59.90 65.00
Cash Flow per Share 2 9.400 11.10 11.50 12.00 11.70 15.20 15.90 17.60
Capex 1 1,416 1,231 972 1,075 1,334 1,618 1,728 1,827
Capex / Sales 5.26% 4.12% 3.47% 3.33% 3.49% 3.89% 3.91% 3.88%
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

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
25
Last Close Price
450.2 EUR
Average target price
432.3 EUR
Spread / Average Target
-3.98%
Consensus

Quarterly revenue - Rate of surprise

1st Jan change Capi.
-0.10% 260 B $
-2.12% 17 553 M $
+5.48% 11 727 M $
-1.76% 11 103 M $
-14.00% 5 776 M $
+2.82% 5 634 M $
+5.70% 4 868 M $
-2.07% 4 580 M $
-4.94% 3 814 M $
+0.60% 3 789 M $
Cosmetics & Perfumes
+229% on MICROSOFT CORPORATION since our purchase on January 11, 2019
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