Hold EL by Aug 20, 2026.

Estée Lauder is finally starting to look healthier after a difficult few years. Sales are growing again, margins are improving, and cash flow has picked up. Fragrance is doing well, China is recovering, and the company’s cost-cutting programme could continue to improve profits over the next year. **Bull case** * The turnaround is starting to show up in the numbers, especially profits and cash flow. * Fragrance and China are performing well. * Cost savings could lift margins further. * …