Discretionary Personal Goods equity research

Explore the most viewed and latest equity research and media content for companies within the Discretionary Personal Goods sector. Stocks in this sector sell goods like tobacco, accessories, toys, and electronic etc.

Discretionary Personal Goods equity research

Explore the most viewed and latest equity research and media content for companies within the Discretionary Personal Goods sector. Stocks in this sector sell goods like tobacco, accessories, toys, and electronic etc.

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Considerable profitability improvement in Q4

  • 16 Feb 17

Oriflame maintained its pace of growth within a challenging context. Sales were up 5% to €355.1m in Q4, underpinned by positive market dynamics in Latin America and Asia mitigating the depressed momentum in other regions. Sales in Latin America surged by 12% and by 23% in Asia & Turkey, although, other regions reported sales declines. Margins have gained further ground thanks to a significant improvement in Asia & Turkey where operating profit was up by 39% to €27.6m. Group EBITDA soared by 23.4% to €49m in Q4. The operating margin increased by 30bp to 11.8% bringing the operating profit to €42m. Net profit amounted to €25.2m. Full-year sales were up 3% to €1,249m, boosted by the favourable momentum experienced in skin care and wellness products. By geography, sales in Latin America rose 9% to €148.6m. The activity boomed in Asia & Turkey where sales ramped up by 25% to €434.3m. Sales in Europe and Africa were flat at €329.4m, although CIS posted a 16% drop in sales. Profitability was consolidated considerably. The EBITDA margin was up to 11.9% vs. 9.7% a year earlier and EBITDA came to €148.2m. The operating profit jumped 19% to €119.2m. Net profit soared to €66.7m. The financial position remains strong with an operating cash flow of €113.1m. Investments amounted to €13.2m. The company decided to raise the ordinary dividend to €1 vs. €0.4 in 2015 and to add an exceptional dividend of €0.5. The first quarter has shown promising signs of growth with sales to date growing by c.11% at local currency. The company maintains auspicious long-term guidance with targeted yearly sales growth of 11% (at local currency) and an operating margin of 15% (9.5% currently).

 

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