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L'Oréal: Oddo confirms rating on share

(CercleFinance.com) - The announcement of an agreement with the French tax authority about a past affair, and the sum of 320 million euros - the result of constructive discussions with the tax authorities - will be booked as an extraordinary cost in the year 2019, Oddo specifies in its daily equity report.

Following this announcement, Oddo confirms its Neutral rating on the share, with a target price of 223 euros.

Oddo specifies that this agreement solves a dispute on the taxable basis of its subsidiaries Lancôme Parfums and Beauty, Cosmetics Active International and Prestige and Collections International, mainly concerning the corporate tax over the years 2014 to 2018, this without penalties.

The group specifies that there will be no significant recurrent impact on the future. The term significant however suggests that there is an impact - Oddo estimates that it could reach up to 1.5% on underlying diluted EPS of future years based on the restated ex-post corporate tax on 2018, Oddo adds.

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