L'Oréal: Preview of H1 13 results: slight EBIT margin increase (+30bp) expected
BUY, Fair Value EUR150 (+22%)
L’Oréal will report its H1 results on Thursday (after the market close) and has an analysts’ meeting scheduled for Friday morning. Sales were already released on July 17th and were up 4.7% to EUR11.74bn with 5.4% organic sales growth. Q2 (+5.2%) was marked by a slight slowdown vs. Q1 (+5.5%), mainly due to North America (+4.5% vs. +6.3%). The minor disappointment in the Q2 sales growth is the consequence of a market slowdown in the US although L’Oréal has maintained significant market share gains (1.5x market growth), which is the management’s top priority.
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