FirstLook

研报英文原文证据摘录

FirstLook

, Internet, and Semi analysts. We add two proprietary exhibits, a flywheel showing why the whole is worth more than

the sum of its parts, and a catalyst timeline separating the roadmap from what still needs underwriting. Our bull, base, and bear

flex each segment's operating drivers rather than haircut a single number, valuing each on a scenario-specific blended multiple.

Three companion assets are available on request: a consumer-broadband deep dive, a mobile deep dive, and our

Evercore ISI Live Note carrying the full thesis.

ESTÉE LAUDER COMPANIES (EL) Robert Ottenstein (212-653-9020)

EL - Outperform; Price Target $125.0 Robert.Ottenstein@evercoreisi.com

PRGP ended up remaking Estee's makeup

The recent completion of Estee's Profit Recovery and Growth Plan (PRGP) marks significant strides in restructuring and

operational efficiency, aimed at restoring profitability. The initiative, which began in 2024, has shifted focus from merely

recovering margins to a comprehensive overhaul of Estee's U.S. market strategy, notably optimizing both physical and digital

assets through new partnerships and structural adjustments.

U.S. Market Restructuring: The company is strategically reducing its reliance on underperforming department store counters

while strengthening ties with Ulta and Amazon, together representing a substantial 40% of U.S. sales. This shift aims to enhance

profitability by transforming SG&A expenses into a more variable model, vital for funding growth and risk management. Under

CEO La Faverie's leadership, this evolution will help tailor Estee's outfit to current market dynamics.

Brand Momentum: Despite mixed reports of flat sales in the Americas due to ongoing disruptions, preliminary data from