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Q2 FY22 results showed how EL's growth is driven by multiple regions.Īll three regions grew Net Sales organically year-on-year, with double-digit growth in Americas and EMEA and a 5% growth in APAC:ĮL Net Sales by Region (Q2 FY22 vs. Net Sales has returned to its long-term trajectory, with strong year-on-year growth each quarter, and Q2 being the biggest from the holiday season:Ĭompared to the corresponding quarter in CY19, Q2 FY22 Net Sales was 20% higher and EBIT was 37% higher (including currency and acquisitions). The average share count was down 0.5% after buybacks, which added to EPS growth.Īcross H1 FY22, at constant currency, Net Sales grew 17%, Adjusted EBIT grew 24% and EPS grew 20% year-on-year. Prior Year)ĮPS growth lagged EBIT growth in Q2 FY22 due to a higher tax rate, the result of an one-off tax benefit (related to GILTI) last year. In Q2 FY22, at constant currency, EL's Net Sales grew 14% (11% organically and with 3 ppt from DECIEM sales consolidated since May 2021) year-on-year Adjusted EBIT grew 21%, with Gross Margin and EBIT Margin both expanding, and Adjusted EPS grew 15% year-on-year:ĮL Non-GAAP P&L (Q2 & H1 FY22 vs. Q2 FY22 Results: Continuing Strong Growth The dynamics described above have continued in Q2 FY22 results. By Q4 FY21, Net Sales had bounced back to 9.7% above pre-COVID levels, while Adjusted EPS was 21.8% higher (partly helped by acquisitions and currency). FY19 ended June 30, 2019.ĮL's recovery has been swift. We expect EL to resume delivering these targets after the pandemic.ĮL was significantly impacted by COVID-19, as it had generated 23% of its FY19 sales from Travel Retail and 35% from department stores:ĮL Net Sales & EBIT Breakdown (FY19) (Pre-COVID) Source: EL presentation at Bernstein conference (May-19). Prior to COVID-19, EL targeted Net Sales growth of 6-8% and EBIT Margin expansion of approx.

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EL's focus on the Prestige segment and its higher exposure to Skin Care will enable it to continue growing faster than its main rival L'Oréal ( OTCPK:LRLCY).

EL will grow sales faster than the market thanks to these advantages, and grow its earnings faster than sales with natural operational leverage.

EL has strong global franchises built on leading brands, high-quality products, scale, innovation and marketing capabilities.

The Beauty market will continue its strong structural growth, as an aspirational category for consumers, helped by growing demand from APAC (especially China) and premiumization (especially in Skin Care).

Our investment case on EL is based on the following:

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Operational performance continues to be strong, confirmed by record Q2 FY22 results released on February 3.ĮL stock now trades at a 37.9x P/E and a 2.2% Free Cash Flow Yield, and our forecasts indicate a total return of 62% (16.0% annualized) by 2025 year-end. EL's exposure to Russia is slightly over 1% by sales. We believe EL's share price decline to be the result of wider market turmoil following the Russian invasion of Ukraine. EL shares are now down 2.7% over the past year, though still having gained 72% (including dividends) since our initiation. We initiated our Buy rating on Estée Lauder in early April 2020 (PRO subscription required). Librarian Capital's EL Rating History vs.

( NYSE: EL) after its shares have fallen 26% since their peak in early January:

We review our investment case in The Estée Lauder Companies Inc.

She traveled the world and loved to visit museums and art galleries, attend fashion shows and learn about her customers and their respective cultures.Bosca78/iStock Unreleased via Getty Images Introduction Although Estée's heart was in New York, she had homes in the South of France, London and Palm Beach, among other locales. In the middle of the 20th century, New York was the global center for art, architecture, innovation and entrepreneurship. She loved New York City and drew inspiration from its sophisticated, vibrant, stylish culture. She was always in the know about fashion trends, and founded her namesake brand at a time when Givenchy, Chanel, Dior, Balenciaga and other designers were shaping the latest fashions. An American IconĮstée Lauder was an iconic American entrepreneur.

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She oversaw the creation of five additional brands - Aramis, Clinique, Prescriptives, Lab Series and Origins - and always insisted that the Company’s products be made from the highest-quality ingredients. She constantly challenged the status quo and is described as someone you simply couldn’t say no to. Estée was the quintessential entrepreneur who refused to listen to experts or settle for anything less than the very best.