Ha_e ). DCF and valuation parameters B Operating aggregates Capital requirements for cosmetics companies are lower than in the luxury sector L’Occitane’s ratio omtperforms the sample dme to its retail profile. Average CAPEX ratio, Note: the 2015 CAPEX ratio is >Q).=Ç>Q)0= È cgseelics cgepanies computed on the basis of either CAPEX FY14A FY15A/E FY16E FY17E FY18E Average ratio actual (“A“) or estimated (“E“) ratio (FY16E–FY18E) L'Occitane 5.5% figmres for *()- sales, depending on their availability. L'Oréal ,&, ,&. ,&, ,&, ,&, ,&, Natura 4.5% Estée Lauder ,&/ ,&, ,&/ ,&, ,&* ,&, L'Oréal 4.4% :eiejsdgj^ ,&, *&. +&( *&0 +&) +&( Estée Lauder 4.4% Shiseido *&( *&0 *&1 *&0 n/a *&1 Coty 4.1% Coty ,&, +&. ,&) ,&+ ,&( ,&) Natura .&0 +&1 ,&. ,&/ ,&+ ,&- Average 4.1% L'Occitane -&( -&- -&- -&, -&/ -&- Beiersdorf 3.0% Average 4.5% 3.9% 4.2% 4.1% 4.3% 4.1% Shiseido 2.9% Median 4.4% 3.9% 4.4% 4.4% 4.3% 4.4% Maximum 6.8% 5.5% 5.5% 5.4% 5.7% 5.5% Minimum 2.0% 2.6% 2.9% 2.8% 3.1% 2.9% Source: Data based on consensus of several brokers reports for each company. Estimated data have not been derived from internal insights. The luxury and cosmetics financial factbook 2016