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  "documentTitle": "luxury2019",
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  "notes": "Includes historical data (2014-2017) and forward estimates (2018-2020).",
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      "text": "Cosmetics companies followed a similar path as luxury companies with an increasing trend in multiples from 2017 to 2018.",
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      "text": "Price to earnings",
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      "text": "Note: Each year, the multiple is calculated as the ratio between EV as of 31 March that year and forecast sales, EBITDA and earnings for that year.",
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      "text": "Source: Data is based on consensus of several brokers' reports for each company.",
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      "text": "The charts below show the evolution of the expected trading multiples of cosmetics companies in our current panel on 31 March of each year from 2014A to 2017A, and the expected average multiples for 2018E, 2019E and 2020E.",
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