PRGP ended up remaking Estee's makeup

研报英文原文证据摘录

PRGP ended up remaking Estee's makeup

Consumer | Global Household & Personal Care

July 14, 2026

ESTÉE LAUDER COMPANIES Robert Ottenstein Javier Escalante 212-653-9020 212-446-9477

EL | $81.99 Robert.Ottenstein@evercoreisi.com Javier.Escalante@evercoreisi.com

Outperform | Target Price/Base Case: $125.00 JD Todd

Earnings Preview - Company Update 212-812-2912

JD.Todd@evercoreisi.com

Company Statistics

Market Capitalization (M) $28,087

Enterprise Value (M) $35,239 Estee's Profit Recovery and Growth Plan (PRGP) wrapped up

52-Week Range $48.37 - $121.64 last week, with charges exceeding the high end of the range

Dividend/Share 1.40 (page 3). It began in 2024 as a savings program to rebuild gross Dividend Yield 1.5%

Fiscal Year End Jun margins once the impairment of Asia Travel Retail became

clear. But under CEO La Faverie, PRGP expanded twice into a

structural reset of Estee's U.S. go-to-market: optimizing both

Earnings Summary physical assets (department-store counters and freestanding

2025 2026E 2027E stores) and digital assets, with a partnership with Shopify to

EPS Q1 $0.14 $0.33A $0.52 enhance DTC online. Estee still leads U.S. prestige makeup,

Q2 $0.63 $0.89A $1.19 and this outsized exposure makes difficult yet critical the

Q3 $0.65 $0.91A $1.09 optimization of unproductive doors in department and

Q4 $0.09 $0.31 $0.55

FY $1.51 $2.44 $3.35 freestanding stores after decades of share losses ─ to Sephora,

EPS (Calendar) CY $1.96 $2.93 $3.68 then Ulta and now Amazon ─ to rebuild profitability and make

P/E (Calendar) CY 48.5 32.5 25.9 the P&L more variable and the organization operationally more

agile. Making Estee's SG&A more variable (greater A&P, less

depreciation of retailers' counters) is key to fund growth and for

1 Year Price History risk management.