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LRLCF - L'Oréal: An Increasingly Asian Growth Story
L'Oreal S.A.
Shares of French cosmetics giant L'Oréal (LRLCF)(LRLCY) continue to command a large premium. As I type, the stock trades at a price-to-earnings ratio of around 34x expected 2019 profit, up from 25x at this point five years ago. As you would expect that has provided a nice tailwind to stockholder returns. By my count, roughly 50% of the share price appreciation enjoyed by shareholders since this point in 2014 has come from the expanding valuation multiple. While there are solid reasons to expect L'Oréal to continue to perform well, the lingering