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1、 Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to Other Important Disclosures for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securitie

2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 32 to 35.Analyst Certification on page 29.Price Objective Basis/Risk on page 29.12889740 LOreal Looking pretty Reiterate Rating:BUY|PO:440.00 EUR|Price:398.00 EUR Retain Buy,PO up to 440 LOral reported 3Q25 organic revenue growth of+4.2%,inline with Bof

4、A(+4.3%),but slightly below consensus(+4.7%),see Exhibit 1.At the start of the year LOral guided to progressive beauty market improvement,and this is exactly what we are seeing play out.The diversified geographic and product segmentation allows them to continue to drive defensive earnings growth,som

5、ething lacking across many other consumer companies.We make small adjustments to our estimates(Exhibit 29)and increase our PO to 440 from 420,implying 30 x 2027E P/E,inline with its mid cycle multiple.Buy Organic revenue ex IT phasing accelerates to 4.9%LOral 3Q25 organic revenues excluding IT phasi

6、ng was+4.9%,which is a 120bps acceleration on 2Q25.See bridge Exhibit 2&Exhibit 3.The improvement was driven primarily by China/Asia,2-5ppts faster YoY,and 70bps better on a 2yr stack.This should be seen as a key positive catalyst given its the 4th quarter of progressive recovery in China.North Amer