Summary
Estee Lauder posted another solid year of growth, and it expects to continue to gain share globally during fiscal 2019.
The company remains an above-average operation, earning wide excess returns.
Valuations are steep, however, leaving no margin of safety.
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Estee Lauder (NYSE:EL) continues to fire on all cylinders, experiencing solid growth in almost all segments:
Source: 2018 10-K
Growth is especially strong outside the US, especially in Asia and in the skincare segments. The company's business is becoming more and more skewed towards skincare as well:
