L'Oreal SA

OR: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€728.00	Gwpcq	Tcxvhyvcjc

Wide-Moat L'Oreal Poised to Expand With Top Brands and Innovation Across All Beauty Categories

Dan Su

Aug 26, 2024

Business Strategy and Outlook

As the largest beauty product maker globally, L’Oreal has built an impressive collection of top-selling beauty brands balanced across core categories (skin care, color cosmetics, hair care, and fragrances) that straddle the premium and mass segments. We believe its strong brand intangibles based on innovation, marketing, and consumer experience, coupled with scale-based cost advantages, should support a durable competitive edge, enabling the firm to deliver excess returns for more than 20 years. As such, we award L’Oreal a wide economic moat rating.

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