Financials L'Oréal

Equities

OR

FR0000120321

Personal Products

Market Closed - Euronext Paris 16:35:16 24/06/2024 BST 5-day change 1st Jan Change
442.1 EUR +0.33% Intraday chart for L'Oréal +0.37% -1.90%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 147,336 174,003 232,521 178,538 240,974 236,402 - -
Enterprise Value (EV) 1 142,900 168,462 231,489 181,571 245,378 238,369 235,286 231,702
P/E ratio 39.6 x 49 x 50.8 x 31.4 x 39.1 x 35 x 32 x 29.5 x
Yield 1.61% 1.29% 1.15% 1.8% 1.46% 1.59% 1.73% 1.89%
Capitalization / Revenue 4.93 x 6.22 x 7.2 x 4.67 x 5.85 x 5.33 x 4.99 x 4.67 x
EV / Revenue 4.78 x 6.02 x 7.17 x 4.75 x 5.96 x 5.38 x 4.96 x 4.58 x
EV / EBITDA 19 x 23.3 x 29.1 x 20.2 x 24.9 x 22.7 x 20.6 x 18.8 x
EV / FCF 28.4 x 30.7 x 40.9 x 36.7 x 40 x 34 x 31.2 x 28.3 x
FCF Yield 3.52% 3.25% 2.44% 2.72% 2.5% 2.94% 3.2% 3.53%
Price to Book 5.05 x 6.02 x 9.9 x 6.57 x 8.32 x 7.53 x 6.81 x 6.1 x
Nbr of stocks (in thousands) 558,089 559,857 557,672 535,187 534,725 534,725 - -
Reference price 2 264.0 310.8 417.0 333.6 450.6 442.1 442.1 442.1
Announcement Date 06/02/20 11/02/21 09/02/22 09/02/23 08/02/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 29,874 27,992 32,288 38,261 41,182 44,321 47,403 50,598
EBITDA 1 7,506 7,237 7,941 8,993 9,858 10,510 11,420 12,330
EBIT 1 5,548 5,209 6,160 7,457 8,143 8,873 9,672 10,449
Operating Margin 18.57% 18.61% 19.08% 19.49% 19.77% 20.02% 20.4% 20.65%
Earnings before Tax (EBT) 1 5,411 4,776 6,047 7,611 8,001 8,795 9,660 10,345
Net income 1 3,750 3,563 4,597 5,707 6,184 6,761 7,356 7,922
Net margin 12.55% 12.73% 14.24% 14.92% 15.02% 15.25% 15.52% 15.66%
EPS 2 6.660 6.340 8.210 10.61 11.52 12.64 13.82 14.97
Free Cash Flow 1 5,032 5,481 5,653 4,944 6,129 7,009 7,537 8,175
FCF margin 16.84% 19.58% 17.51% 12.92% 14.88% 15.81% 15.9% 16.16%
FCF Conversion (EBITDA) 67.04% 75.73% 71.19% 54.98% 62.17% 66.69% 65.99% 66.3%
FCF Conversion (Net income) 134.18% 153.81% 122.97% 86.64% 99.11% 103.66% 102.46% 103.19%
Dividend per Share 2 4.250 4.000 4.800 6.000 6.600 7.048 7.638 8.364
Announcement Date 06/02/20 11/02/21 09/02/22 09/02/23 08/02/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 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 Q4 2024 S2
Net sales 1 15,062 13,076 14,916 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 10,605 20,608 11,245 10,843 22,034 10,787 11,374 22,099
EBITDA 3,694 3,145 4,092 3,898 - - 4,043 - - 4,372 - - 4,621 - - 5,170 - - - - - 5,366 - - 5,263
EBIT 2,659 2,357 2,852 2,988 - - 3,172 - - 3,746 - - 3,711 - - 4,259 - - 3,884 - - 4,556 - - 4,264
Operating Margin 17.65% 18.03% 19.12% 19.66% - - 18.56% - - 20.39% - - 18.66% - - 20.7% - - 18.85% - - 20.68% - - 19.29%
Earnings before Tax (EBT) 2,361 - 2,490 3,022 - - 3,025 - - - - - - - - - - - - - - - - - -
Net income 1,423 - 1,741 2,363 - - 2,234 - - - - - - - - - - - - - - - - - -
Net margin 9.45% - 11.67% 15.55% - - 13.07% - - - - - - - - - - - - - - - - - -
EPS 2.530 3.250 - 4.210 - - 4.000 - - - - - - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - - - - - - - - - - - - - -
Announcement Date 06/02/20 30/07/20 11/02/21 29/07/21 21/10/21 09/02/22 09/02/22 19/04/22 28/07/22 28/07/22 20/10/22 09/02/23 09/02/23 27/04/23 27/07/23 27/07/23 19/10/23 08/02/24 08/02/24 18/04/24 - - - - -
1EUR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - 3,033 4,404 1,967 - -
Net Cash position 1 4,435 5,541 1,033 - - - 1,117 4,700
Leverage (Debt/EBITDA) - - - 0.3373 x 0.4467 x 0.1871 x - -
Free Cash Flow 1 5,032 5,481 5,653 4,944 6,129 7,009 7,537 8,175
ROE (net income / shareholders' equity) 15.5% 14% 17.5% 22.5% 22% 22.6% 22.4% 21.7%
ROA (Net income/ Total Assets) 9.12% 9.38% 10.6% 12.7% 12.5% 12.7% 13.3% 13.5%
Assets 1 41,134 37,997 43,312 44,929 49,354 53,203 55,320 58,628
Book Value Per Share 2 52.30 51.60 42.10 50.80 54.10 58.70 64.90 72.50
Cash Flow per Share 2 11.10 11.50 12.00 11.70 14.20 15.80 17.20 18.50
Capex 1 1,231 972 1,075 1,334 1,476 1,739 1,821 1,926
Capex / Sales 4.12% 3.47% 3.33% 3.49% 3.58% 3.92% 3.84% 3.81%
Announcement Date 06/02/20 11/02/21 09/02/22 09/02/23 08/02/24 - - -
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
OUTPERFORM
Number of Analysts
25
Last Close Price
442.1 EUR
Average target price
449.1 EUR
Spread / Average Target
+1.58%
Consensus

Quarterly revenue - Rate of surprise

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