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L'Oreal S.A. Jun 11 Product Image

L'Oreal S.A. Jun 11

  • Published: June 2011
  • Standard & Poors

Leading global position in the cosmetics industry. Strong cash generation and financial flexibility. Increasing earnings diversity, notably in developing countries. Significant growth prospects in emerging markets. Very low leveraged balance sheet. Track record of share buybacks and acquisitions diluting the modest financial risk profile before 2009. The rating on French cosmetics and personal care group L'Or-al S.A. reflect its established No.1 global position in the expanding and competitive cosmetics industry and resilient cash flow generation, underpinned by a strong brand, distribution channel diversity, and ample financial flexibility. These strengths are offset, in Standard & Poor's Ratings Services' view, by the group's record of diluting its still modest financial profile following regular share buybacks and significant acquisitions. Since the beginning of...

Companies mentioned in this report are: L'Oreal S.A.
Action: Review

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L'Oreal S.A.

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