L'Oréal: 2012 results a touch above expectations and confidence for the future
BUY, Fair Value EUR112 (+4%)
Yesterday evening L’Oréal reported FY 2012 sales and earnings. Sales reached EUR22.46bn (cons: EUR22.35bn and BG: EUR22.39bn), up 10.4% or 5.5% LFL, implying +5.3% in Q4 2012 after +4.6% in Q3 and +5.6% over 9M., with L’Oréal also winning market share. EBIT grew 12.3% to EUR3.7bn (consensus: EUR3.65bn and BG: EUR3.68bn), such that FY EBIT margin gained 30bp to 16.5% (+40bp in H2).
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