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LRLCF - Estée Lauder: Positive Signs For Return Of Double-Digit EPS Growth
L'Oreal S.A.
Introduction
We review our Buy case on Estée Lauder (EL), after the company released Q4 FY20 results last Thursday; shares fell 6.7% on the day of the results, but rebounded by 4.4% the day after. Since our initial Buy rating in early April (PRO subscription required), EL shares have risen 26.9%.
Buy Case Recap
We initiated our Buy rating on EL in April, alongside our existing Buy rating on L'Oréal (LRLCF), after most of the U.S. and Europe had entered lockdowns because of COVID-19. Our key assumptions were as follows: