L'Oréal maintains strong fundamentals and proven resilience, but I reiterate a hold rating due to an uncompelling valuation amid macro uncertainty. Recent earnings show double-digit emerging market growth and solid performance in North America and China, outpacing local market trends. LRLCF's robust balance sheet supports buybacks and dividends, yet combined shareholder yield remains below 2% despite a significant payout ratio.
L'Oréal: Beautifully Resilient, But Not Attractive Just Yet
Source: Seeking Alpha