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L’Oréal reported Q3 2023 revenue slightly below consensus but above our expectations. The softer rebound in the Chinese beauty market and the impact of Beijing’s crackdown on Daigou on Asian travel retail led to a decline in North Asia. However, the US and Europe delivered exceptional performances, fuelled by robust Consumer Product and Dermatological Beauty demand. Despite China’s weakness, we maintain that L’Oréal’s greater diversification in business and geographical presence bolsters its
Companies: L'Oreal (OR:EPA)L'Oreal S.A. (OR:PAR)
AlphaValue
L’Oréal posted another consensus-beating first half, driven by its best-ever half year growth from the Consumer Product division and the unwavering dynamic of the Dermatological beauty division. The better margin progression in the Dermatological beauty division fully offset the 80bps margin contraction in L’Oréal Luxe division. The group will continue to benefit from the ongoing recovery in Chinese demand and its dominance of the booming dermo-cosmetics market, and achieve another year of gro
L’Oréal published another stronger-than-expected start to the year. All regions reported double-digit growth except for North Asia, due to the reduction of stock-in-trade in China at the very beginning of the year. The group experienced balanced growth in terms of geography and business. A fully recovery for beauty product consumption in China and a gradual recovery in Chinese travel spending will further drive the group’s top-line for the rest of the year.
L’Oréal has just reported a consensus-beating start to the year. The impressive acceleration in make up and strong demand for dermo-cosmetics in North America, South Asia and Latin America offset the decline in China early this year. The group saw Chinese consumer demand resume from February and is confident that it will benefit from the sustained strong appetite of Chinese consumers for beauty products and a gradual recovery in Chinese tourist spending for the rest of the year.
The beauty giant publishing an encouraging set of FY22 results, with both the top-line and the profitability beating the consensus and our expectations. Benefiting from the advanced omnichannel development, a strong acceleration in skincare as well as the solid leadership in fragrance, the group experienced a stronger-than-expected year-end performance across its three major markets despite the tougher trading environment in China. We believe the group’s structural advantages, best-in-class R
L’Oréal published consensus-beating Q3 22 revenue. All divisions reported better-than-expected quarterly growth except for L’Oréal Luxe. The luxury segment has suffered from the lower demand in Skincare in China due to the ongoing COVID-19-related restrictions and sourcing difficulties in fragrance. The ongoing “zero-COVID” policy will not disappear in China overnight and, coupled with intensified inflationary pressure in some western countries, this will continue to result in a challenging tr
L’Oréal reported an impressive set of results for the first half. Both the top-line and profitability beat the consensus expectations. Benefiting from the group’s advanced omnichannel development, all geographic zones reported double-digit growth including North Asia. The flexible cost structure and solid top-line momentum led the margin to advance 70bps from H1 21 to 20.4% despite the inflationary environment.
Companies: L'Oreal S.A. (0NZM:LON)L'Oreal S.A. (OR:PAR)
L’Oréal has reporting an encouraging start to the year despite the current uncertain trading environment. L’Oréal maintained its double-digit sales growth in Mainland China. COVID-related lockdowns and restrictions will only temporarily impact the group’s business. L’Oréal does not see any impact of inflation on consumer purchasing behaviour but did warn that cost inflation will have some impact on the first half margin.
The group has released a mixed set of FY21 results. The top-line has continued to benefit from the advanced omnichannel distribution, especially the greater eCommerce penetration in emerging countries. Despite the good cost control in SG&A and COGS, the considerably increased A&P expenses and slightly deceleration in the Chinese market at the year-end weighed on the group’s profitability. Going forward, we are more concerned about the highly competitive Chinese make-up market and higher market
L’Oréal published a consensus-beating set of Q3 21 figures. All business divisions experienced qualitative growth, benefiting from the group’s faster digital adoption and innovative omnichannel distribution. Despite the resurgence of Covid-19 having affected the trading performance in several areas in Asia (i.e. Hainan), the group maintained double-digit growth in most of its major markets. With a well-balanced business portfolio and geographical presence, the group is on the new acceleration
L’Oréal has released its H1 21 results, very slightly above (+1.5%) consensus expectations. All divisions experienced double-digit growth except for Consumer Product. The heavier exposure to the make-up business has slowed the recovery pace of the division. The healthy profitability driven by the rapid margin recovery in the Professional Product and L’Oréal Luxe was encouraging. With several smashing forecasts publications seen this week, the moderate beat is not enough to comfort the market.
L’Oréal has released revenue growth of 10.2% lfl. The growth was mainly driven by Mainland China. Sales jumped 37.9% lfl, benefiting from group’s strong online penetration in the country and lower comparisons. But, interestingly, the strong rebound in the Chinese market did not make the L’Oréal luxe shine as much as the market expected. Active cosmetics and Professional products continued to be the firepower. L’Oréal will continue to benefit from its leadership in the dermo-cosmetics market a
The year-end trading performance was above consensus expectations, all divisions experienced better than expected performances except for the consumer products division, which was impacted by its higher footprint in the make-up business. The group has grown its footprint in e-commerce from 16% to 27% and skincare exposure from 35% to 40% in 2020, which has helped the group to maintain the operating margin at the pre-crisis level and confirmed the group’s incredible agility to catch the marke
Companies: L'Oreal S.A.
The world’s cosmetic leader has released better-than-expected Q3 20 figures, comfortably outperforming the global beauty market. The strategic bet to resume product launches and marketing actions ahead of its peers has borne fruit, the group having gained market share in all geographies during the downturn. The strong momentum in the professional product and active cosmetics divisions, along with higher e-commerce penetration across all geographies have given the group confidence in its abil
Despite the strong rebound in China, all divisions have been heavily impacted by the pandemic in the last three months, especially those with the greatest exposures to makeup products which have been most impacted. Unlike the top-line trend, the group has maintained its good profitability, especially in the Active cosmetics division. The group is now expecting slightly positive growth in H2 20, which was not encouraging enough since the market anticipates a sales contraction of 4% for FY 20.
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Watkin Jones’s guidance for FY24E is unchanged in its trading update for the first half to 31 March. We maintain our forecasts for the full year and introduce half-year estimates, in line with reiterated guidance that performance will be significantly H2 weighted. The group confirms a continuing gradual recovery in appetite among institutional investors to forward fund its build-to-rent (BTR) and student developments. We believe this should gather pace as the direction of interest rates becomes
Companies: Watkin Jones Plc
Progressive Equity Research
Ceres Power Holdings’ innovative technology uses electrolysis to produce green hydrogen and solid oxide fuel cells to generate power. In a year where it moved to the Main Market of the London Stock Exchange, it recorded revenue growth of 13% and gross margin expansion to 61% (the highest in the sector, according to management), but is yet to record an operating profit (FY23 operating loss of £59.4m versus £54.0m in FY22). Ceres continued its strategy to drive innovation and technology across sol
Companies: Ceres Power Holdings plc
Edison
Surface Transforms has issued new revenue guidance for FY24, with the company now expecting revenues in the range £17.5-22m. We are withdrawing our previous forecasts for FY24 and withdrawing our price target while we review the impact of the new guidance.
Companies: Surface Transforms PLC
Cavendish
Solid State’s trading update affirms the sustained strength in demand throughout H224, resulting in record FY24 revenue and adjusted PBT ahead of prior consensus of £155m and £12.5m, respectively. This is attributable to the earlier-than-expected delivery of a NATO contract. As a result, consensus FY24 revenue and adjusted PBT estimates have been raised by c 6% and c 20%, with respective FY25 estimates declining commensurately.
Companies: Solid State plc
Banquet Buffet*** Abingdon Health 9.25p £11.3m (ABDX.L) The lateral flow contract development and manufacturing organisation announces its unaudited interim results for the six months ended 31 December 2023. Revenue increased 117% to £2.4m (H1 2023: £1.1m). The Adjusted EBITDA loss decreased 47% to £1.2m (H1 2023: £2.2m). Furthermore, reduction in operating loss of 50% to £1.2m (H1 2023: £2.4m). The Board therefore expects that H2 2024 revenue will be significantly improved compared with H1 2024
Companies: CPX SLP FA/ FIPP ECR ETP ORCA
Hybridan
AFC has unveiled a groundbreaking modular ammonia cracker system demonstrating viable and scaleable production of hydrogen in the UK using this method. The cracker system is designed to deliver 140 tonnes of fuel cell grade hydrogen each year. Hydrogen from the plant will initially be targeted for sale into AFC’s UK H-Power Generator deployments, including those with Speedy Hydrogen Solutions. Along with the recent purchase of the mobile storage and distribution assets of Octopus Hydrogen, AFC c
Companies: AFC Energy plc
Zeus Capital
Gooch has issued a positive update for H1. Trading has started to recover with stocking levels normalising at industrial and medical devices customers. The outlook is positive with growth returning, and management has confirmed our full year estimates (adjusted for the disposal of EM4). The order book and order flow appear healthy, and net debt is comfortable. Gooch clearly still has plenty to do to lift operating margins from a lacklustre 8.1%, but the transformation plan appears to be back on
Companies: Gooch & Housego PLC
Sanderson Design Group (SDG) continues to deliver on its key strategic initiatives and growth drivers despite a challenging global backdrop. The group’s FY23 performance showed flat revenue, with adjusted underlying PBT rising £0.1m to £12.6m. Net cash dropped back to £15.4m, with the total dividend maintained at 3.5p. The star performers were Licensing (reported revenue +25%), the Morris & Co brand (+16%) and the US market (+20%). Our forecast revisions assume more modest sales progression, wit
Companies: Sanderson Design Group PLC
17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
AFC has made strong progress with products and its manufacturing strategy. Despite heavy investment, the cash position, at £27.4m, was slightly better than our estimate for £26.9m, demonstrating good discipline. The monthly cash burn rate (at c. £1.3m) is tracking in-line with our expectations. Generally, we maintain our estimates for significantly increased sales in FY24e and FY25e, with the cash position unchanged. Recent news on commercial progress has been positive. The 30kW H-Power Generato
We note the regulatory announcement this morning from Surface Transforms and withdraw our estimates and valuation, pending conversations with management.
SCE is raising £16m through a placing (and up to a further £3m through open offer) to fund substantial expansion and additional working capital. This will enable the Group to grow to £75m revenue capacity in the near term, commence the build and equipping of a new factory and then (with internally generated free cash flow) scale to £150m revenue capacity and beyond. With a contracted order book of £190m and a prospective pipeline of £400m, this is clearly the time to seize the opportunity. The e
On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div
Companies: PTAL GHH IGP MSLH PINE NXQ EQLS NXR AXL
Sanderson Design Group (SDG) has reported an 8% increase in interim adjusted PBT, to £6.8m. This was achieved despite a weak backdrop in the home UK market and a 2% decrease in overall group revenue. Increased profitability was driven by strong performances in two of its key and higher-margin strategic growth pillars – Licensing and North America – which grew by 82% and 10%, respectively, on a reported basis. New product launches, including Disney Home x Sanderson, have seen sampling running at
Sanderson Design Group has delivered its full-year trading update to 31 January 2024. Group revenue has eased back 3.1% to £108.5m on a reported basis, following the 2% decline in H1. The strongest performances were delivered by the strategic growth cornerstones of Licensing and North America, offset by challenging market conditions in the UK, Europe and the Rest of the World. A strong balance sheet saw year-end cash rise to £16.2m, compared with £15.4m at year-end FY23. Having traded in line wi
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