2025-06-13-Jefferies-热门美容见解第135卷_美容行业并购及最新美容数据_7页_113kb

Jefferies Buzzworthy Beauty Insights Vol. 135 Summary

Based on the report dated June 13, 2025, key highlights include:

Key M&A Event

L'Oreal announced its intention to acquire a majority stake in UK-based premium skincare brand Medik8. The valuation is estimated near $1 billion, and L'Oreal views it as a complementary addition to its portfolio at an accessible price point. Financial terms were not disclosed.

Other M&A Considerations & Analysis

ELF's potential acquisition of Rhode is under review. Sales estimates have been adjusted upward due to strong brand momentum. Key growth catalysts identified: Sephora rollout, new SKU sales, and web traffic improvement. The deal is projected to be accretive to ELF EPS in FY26 and has an estimated $240M revenue target for FY26.

New Beauty Brand Launch

*Shakira's new beauty venture, Isima, specializing in hair care products (AUR $32-$42) launched for pre-sale on June 10 and is set to roll out in ULTA and Sephora starting July. The brand uses a proprietary "TriModal Method."

Market Data Summary

*May Beauty Matrix Update: Alt data indicates ongoing headwinds in the beauty sector, with web traffic declining across most categories except color. Social media engagement improved positively for color and fragrance.
Latest Nielsen Mass Beauty Scanner Data: Mass beauty sales for the week of June 3-9 showed a year-over-year increase of 3.5% compared to the prior year's week (June 19-25). Growth varied by category (fragrance +22%, facial skin +5%, makeup +1%, nails -4%, hair +5%). ELF led in this period with a 22% increase, while competitors saw mixed results. Overall mass beauty sales for the 22-week period YTD increased 1% Y/Y, with makeup decreasing 3%. Pricing saw a slight increase (+2.9% Y/Y).

Valuation & Ratings

L'Oreal (OR FP) has a Target Price of €369 (P/E 25.0x, EV/EBITDA 15.1x), categorized as HOLD. Key risks include US economic softness/no-landing scenario, China recovery pace, and relative market performance.
e.l.f. beauty, Inc. (ELF) has a Target Price of $150, rated BUY. The valuation is based on a forward EV/EBITDA multiple. Risks highlighted include quarterly volatility, competition, reliance on key management, product ingredients, and a moderation in the makeup cycle.

Rating Distribution

Jefferies' overall equity research market shows a distribution of ratings: 60.5% BUY, 35.2% HOLD, and 4.3% UNDERPERFORM.

Performance Metrics

Jefferies defines ratings (Buy: >15% total return; Hold: ±15% to -10%; Underperform: ≤ -10%) and provides price history charts for both L'Oreal and e.l.f. beauty.

Important Reports Provided

*Buzzworthy Beauty Insights Vol 132-135, May beauty matrix note, and Nielsen Mass Beauty Scanner data note are referenced.

Industry Analysts

Ashley Helgans (Equity Analyst, $), Sydney Wagner (Equity Associate), Bryan Pinedo (Equity Associate, CFA), Blake Anderson (Equity Associate, CFA).
L'Oreal coverage managed by Molly Wylenzek and David Hayes.