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Estee Lauder Companies-Cl A

ELAbove value

Held by 5 superinvestors.

Price$105.06
Holders5
Total value$719.6M

SEC 10-K · fundamentals

Business quality

as of 2026-06-30
Revenue growth
+5.0%
Net margin
1.2%
ROE
4.8%
FCF margin
8.7%
Revenue $16.21B → $15.05B · 6y
What makes a business high quality

Valuation · value band

Above fair value

$15/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$105
cheaperpricier

Zero-growth floor

$14

Central IV

$15

Optimistic top

$23

Estee Lauder Companies-Cl A (EL): A conservative value band $14–$23 / sh (zero-growth floor to growth-capped optimistic top); central read about $15. Today’s price sits above that band (price $105 as of 2026-08-26).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

  • Recent earnings are below the multi-year average, so the band uses the lower run-rate.

Revenue growth 0% (history declining, capped at zero) · moat 10 yr · discount 12.0% · Zero-growth downside $14

Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.

Method & numbers

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $13.36 – $16.95 · Greenwald zero-growth $23.06 · zero-growth base $23.06 · reproduction $2.64

Moat Franchise (moat) · terminal value 32% of present value · owner-earnings yield 2% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$16.97 – $23.06 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: 2025, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 165% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).

Buffett owner-earnings value$14.44 – $17.21 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 10.4–12.4% band (9–11% base + 1.4pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: 2025, 2024, 2023, 2022, 2021

v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 165% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 1.4pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 5.8 years of owner earnings, adding 1.4pp of cost-of-equity risk premium.

Asset floor: Reproduction value = tangible net assets + acquired-intangible reset proxy, ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Assumes a narrow moat · competitive-advantage period ≈ 10 years.

Growth value not assessable — No positive growth reinvestment in the matured window, so ROIIC cannot be computed.

Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 5.8 years of owner earnings → +1.4pp cost-of-equity premium → effective 10.4%–12.4%.

Owner-earnings DCF: growth g₁ 0% (history declining → capped at 0) · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 10.57%–13.41% (DGS10 +4.5% to a 12% strict end, each +1.41pp for leverage premium, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

5 holders · $719.6M combined · this quarter +1 opened / -0 exited

This quarter1 opened2 added1 trimmed
Holders 5 → 5 · last 8q

SEC 13F · notes

Written summary

Estee Lauder Companies-Cl A (EL) is held by 5 of the superinvestors tracked on Compounder, with a combined $719.6M in reported 13F value. The largest position belongs to Ravenel Boykin Curry, where it makes up 2.2% of the portfolio.

Other notable holders by value include Mark Hillman (2.9% of its book), Ray Dalio (0.0% of its book) and Nick Train (0.0% of its book).

Over the latest quarter, 1 of the tracked filers opened a new position in EL, 2 added to existing ones, 1 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

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Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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