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L'ORÉAL

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L'Oreal Shares Rise on 3Q Sales Beat, Outweighing Cost-Inflation Concerns

10/22/2021 | 01:43am EST

By Giulia Petroni

L'Oreal's shares rose on Friday after the company reported a strong beat in third-quarter sales across the board, suggesting operating leverage would more than compensate for cost inflation.

The French cosmetics and consumer-products company's quarterly sales were up 13.1% organically, compared to consensus expectations of 7.6%. The beat was driven by the active, professional and luxe divisions.

At 0725GMT, shares trade 6.5% higher at EUR393.30.

According to analysts at Citi, the quarterly performance shows the company is able to rebalance its growth drivers geographically, with a broadbase expansion category-wise that should lead to a volume/mix run-rate in the mid teens by the end of the year.

The bank forecasts L'Oreal's organic sales growth at 9.4% in the fourth quarter and 15.6% in the full year, with margin at 19.6%.

"We expect a clear positive share price reaction, led by consensus earnings upgrades and lack of inflation-related margin worries given the operating leverage," says Citi.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

10-22-21 0343ET

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Financials
Sales 2021 31 817 M 36 008 M 36 008 M
Net income 2021 4 527 M 5 124 M 5 124 M
Net cash 2021 5 746 M 6 503 M 6 503 M
P/E ratio 2021 49,4x
Yield 2021 1,13%
Capitalization 224 B 254 B 254 B
EV / Sales 2021 6,87x
EV / Sales 2022 6,24x
Nbr of Employees 85 392
Free-Float 41,8%
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Technical analysis trends L'ORÉAL
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Mean consensus OUTPERFORM
Number of Analysts 27
Last Close Price 402,30 €
Average target price 392,38 €
Spread / Average Target -2,46%
EPS Revisions
Managers and Directors
Nicolas Hieronimus Chief Executive Officer & Director
Christophe Babule Chief Financial Officer
Jean-Paul Agon Chairman
Barbara Lavernos Deputy CEO-Research, Innovation & Technology
Antoine Vanlaeys Chief Operating Officer
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