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L'Oreal S.A. Jun 11 Product Image

L'Oreal S.A. Jun 11

  • ID: 1824421
  • June 2011
  • Standard & Poors

Abstract
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

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

Note: Product cover images may vary from those shown

L'Oreal S.A.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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