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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (59581)6/21/2017 7:20:26 PM
From: Spekulatius1 Recommendation

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Re Coty - I don't see any value from the merger accruing to the shareholders. They almost doubled the size of the company with the merger, but they more than doubled the sharecount as well. it also turns out that synergies appear to be harder to come by then envision and I also have a concern that the beauty business isn't what it used to be and a lot of the cute girls peddling various beauty products in department stores will have to look for other employment going forward. Revlon for example appears to have a hard time, possibly due to aforementioned trends.

COTY does not appear to be cheap on envy of the metrics I look at (earnings, EBITDA, FCF) and the balance sheet does not look great either. The stock has embedded expectations of growth in it's valuation that I am not sure is going to happen.
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