Lex专栏：欧莱雅股票美不美？_时事_双语阅读-查字典英语网

Lex专栏：欧莱雅股票美不美？

然而，就像过度使用欧莱雅化妆品一样，过分关注季度利润率的变化可能会错过大局。对欧莱雅来说有两个更大的问题。首先是它将拿资产负债表怎么办。四年前欧莱雅的净债务为45亿欧元，但该公司目前拥有净现金，且最新公布的5亿欧元股票回购计划也不会造成其财务紧张。因此收购计划已提上议程，而且，虽然安巩对收购对象讳莫如深，但他表示要购买那些能够带来有机增长的产品。鉴于今年仅达4%的市场增长预期，该想法看上去很明智。

The other big question surrounds the group’s two largest shareholders. The Bettencourt family and Nestlé each owns 30 per cent, and a mutual lock-up agreement ends in 2014. The Bettencourts are unlikely to sell, but Nestlé’s intentions are far from clear and that will cast a cloud over the shares for the next couple of years.

另一个大问题围绕该集团两个最大的股东。贝当古(Bettencourt)家族和雀巢公司(Nestlé)各自拥有其30%股份，以及截至2014年的共同禁售协议。贝当古不大可能出售股份，但雀巢的意图却很不明朗，那让欧莱雅未来两年的股价蒙上了阴影。

Despite that uncertainty, L’Oréal shares have had a good run. Before Wednesday’s fall, they had risen 23 per cent in the year to date and had almost closed the valuation discount to Estée Lauder. They now trade on 20 times forecast earnings, which is plenty for a group facing tricky markets and a clunky investor base.