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EL - L'Oréal: Reiterate Buy Rating After Positive H1 2020 Results
Estee Lauder Companies Inc.
Introduction
We review our investment case on L'Oréal (LRLCF), in light of H1 2020 results released on July 30 and after shares have gained 11.9% (in EUR, including dividends) since our initial Buy rating in March.
Buy Case Recap
We initiated our Buy rating on L'Oréal in March, slightly before a similar Buy rating (PRO subscription required) on Estée Lauder (EL), after most of the U.S. and Europe had entered lockdowns because of COVID-19. Our key assumptions were as follows:
The Beauty sector has a long period of strong structural growth