{
  "docId": "019dd923-5e88-73ef-bd59-71aec506639d",
  "docSlug": "d9dbf171f0e8c5d2",
  "documentTitle": "luxury2019",
  "authorId": "MorganStanley",
  "authorName": "EY",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.414,
  "pageNumber": 13,
  "pageCount": 88,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "financial_analysis",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 45,
  "notes": "Includes a bubble chart plotting WACC vs LTGR and a detailed data table.",
  "elementsJson": [
    "headline_text",
    "action_title",
    "bullet_list",
    "bubble_chart",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd59-71aec506639d/13",
  "deckHref": "/decks/019dd923-5e88-73ef-bd59-71aec506639d",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd59-71aec506639d.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd59-71aec506639d#slide-13",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The top three companies maintain their lead: Estée Lauder acquired Deciem Inc. (a fast-growing, vertically integrated multi-brand company) in June 2017; Shiseido improved its market capitalization ranking.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-340f-723f-8a0c-424da339143e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.42,
        "x": 0.06,
        "y": 0.38
      },
      "kind": "chart",
      "text": "WACC vs LTGR bubble chart",
      "attrs": null,
      "subkind": "bubble",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "84124712-bf71-4e7d-8ae1-aca907d758cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.88,
        "x": 0.06,
        "y": 0.17
      },
      "kind": "list",
      "text": "The average WACC declined from 8.7% to 8.3% with Natura's WACC remaining an outlier... The average LTGR has decreased slightly... The top three companies maintain their lead...",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f938ef24-c847-4007-aa2e-1a0392d64032",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Market capitalization: 18%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-340f-723f-8a0c-44c8ea3694c2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.44,
        "x": 0.5,
        "y": 0.85
      },
      "kind": "paragraph",
      "text": "Notes: Companies are sorted by decreasing order based on the market capitalization... Gearing is defined as the ratio between the net financial position and the EV...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c018bf9d-c05a-4b91-ac4e-89f640cdd4f9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.42,
        "x": 0.06,
        "y": 0.88
      },
      "kind": "paragraph",
      "text": "Sources: WACC and LTGR: based on consensus of several brokers' reports... Market capitalization and beta: EY elaboration... Gearing: EY elaboration...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d54a931d-f7a2-443d-b363-81a511299384",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.42,
        "x": 0.06,
        "y": 0.82
      },
      "kind": "paragraph",
      "text": "Note: The bubble size reflects market capitalization. Dotted lines represent average values. Please note that Shiseido is not represented as WACC is not available.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e9a1cd7c-408a-444b-9f86-068d33bfd640",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.44,
        "x": 0.5,
        "y": 0.38
      },
      "kind": "table",
      "text": "Cosmetics companies valuation metrics table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6a6efb3d-ae4e-4899-a68b-e977e04f7b7f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.6,
        "x": 0.34,
        "y": 0.08
      },
      "kind": "title",
      "text": "Market capitalization of cosmetics companies has increased on average by 18% compared with 2017, mainly due to the increases of more than 40% of Estée Lauder and Shiseido",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "73ae565a-86c6-46aa-b9c3-09c264aa7c9e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.06,
        "y": 0.09
      },
      "kind": "title",
      "text": "DCF and valuation parameters",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4b4278d6-4c9d-45d8-ac85-27b59aa2aa2f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 19,
      "from": 10,
      "beatId": "97aa83c9-c346-4f1a-9de3-7e765ee88f94",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "The document highlights challenges faced by the industry, including the need for a 'haute couture' digital approach.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}