. U.S. peer Estée Lauder’s top line increased by a more sluggish 3%. It’s arguably surprising then that the French maker of Elnett hairspray trades at 39 times 2021 earnings, Refinitiv data shows, 20% cheaper than Estée Lauder.
Governance is admittedly a problem at L’Oréal: the Bettencourt family owns a third of the company and acts in concert with Nestlé, which has 23%. But the same applies to Estée. With almost 90% of the voting rights, the Lauder family arguably has an even tighter grip on their eponymous group. The job for incoming L’Oréal Chief Executive Nicolas Hieronimus is therefore to keep outgrowing his rivals. At some point, the company’s relative financial beauty should shine through.
On Friday, Toshiba finally set a date for an emergency general meeting Effissimo has demanded to investigate last year’s annual meeting. Reuters and othersToshiba’s decision to relent coincides with Chief Executive Nobuaki Kurumatani unveiling a $200 million, double the same period in 2019, in part thanks to chip demand. It comes on the back of a 24% increase in the stock price this year – though its enterprise value of 6.4 times next year’s EBITDA still trails rivals like Fujitsu.