MCoBeauty Is Bringing Its Dupes to Europe, Rolling Out Across the U.K. at Superdrug
The brand, which launched in 2020 with six products, was fully acquired earlier this year by DBG Group in a transaction led by its founder Shelley Sullivan. The valuation was $1 billion.
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It will launch exclusively at Superdrug in the U.K. on July 21. The brand has already been selling in Belgium and the Netherlands through Kruidvat, a Dutch-owned retail, pharmacy and drugstore chain that specializes in health and beauty.
Fueled by social media influencer reviews, it is the number-one cosmetics brand in its home market of Australia. It has been gaining traction rapidly in the U.S., where it launched in 2024 through Kroger's Family of Stores. The brand subsequently entered Target Corp.
The Superdrug launch is nationwide, with MCoBeauty set to sell in the majority of the retailer's 800 stores. It will offer 240 stock keeping units including color cosmetics, skin care and body mists, at dedicated kiosks and in multiple locations around the Superdrug stores.
In line with its value pitch, all products will be priced 15 pounds or less. Products include Super Glow Bronzing Drops; Grip Primer Base, and Australia's number-one bestseller, XtendLash Mascara, a tubing product that washes off with warm water.
Peter Stocks, MCoBeauty's European marketing director, said the company is anticipating 'hot demand' in the U.K., which he described as one of the most 'sophisticated and savvy' beauty markets. 'We know our viral products will be hunted down from the second we launch,' he said.
Simon Comins, chief commercial officer at Superdrug, said MCoBeauty's 'trend-led virality and reputation for delivering 'luxury for less' perfectly meets the desires of the Superdrug beauty shopper.'
He added that MCoBeauty and Superdrug were 'very aligned, and together we are on a mission to prove that up-to-the-minute, quality beauty innovations can be delivered at affordable prices. We've had our eye on the social buzz building around MCoBeauty for a while now, and so we know that the brand will go down a storm with the savvy, trend-led, Superdrug customer.'
Sullivan founded the brand as a more affordable spin-off of her premium beauty company ModelCo. Sullivan, a former model agent, founded ModelCo in 2002, offering self-tanning products and color cosmetics. Over the years, ModelCo. has collaborated with brands including Karl Lagerfeld and Hailey Bieber (before she launched Rhode, and when she was still Hailey Baldwin).
Sullivan is an industry insider, so it's no surprise that MCoBeauty has been a success in a market that's dominated by premium and luxury products. MCoBeauty arrived at a time of rising prices, and a swelling interest in makeup and skin care — especially among teenagers and young girls.
The marketing is social-first, with legions of influencers reviewing products on TikTok and other platforms, speaking to MCoBeauty's one million digital followers worldwide.
It launched as a direct-to-consumer brand and on supermarket shelves in Australia. There are no stand-alone stores.
Similar to its clothing equivalents Zara, Mango and H&M, it is quick to market, taking around 16 to 20 weeks to get its dupes on the shelves. The company has created more than 1,000 products over the past five years.
MCoBeauty's aim is to disrupt the top five players in any given market, and then become a top five player itself.
DBG, which is owned by the billionaire Dennis Bastas, took a 50 percent stake in MCoBeauty in 2022, and assumed full control at the start of 2025. According to sources, the company generated $63 million in sales in 2023 — up 241 percent from 2022's $18.5 million.
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Totalenergies -- Investment risk analysis
TotalEnergies is a French company with over 100 years of experience in the oil industry and a presence in more than 130 countries. It is considered one of the major oil companies, with a leading position in the upstream, midstream, and downstream oil segments. The Company also plays a significant role in the LNG market and has increased its capital expenditures on low-carbon energies to strengthen its position in this industry. Thanks to its leading position in the oil and LNG sectors, the French-based company generates solid cash flows from its core business and guarantees competitive returns to shareholders. In the period 2012-2025, Totalenergies has offered increasing dividends, from 0.57 Euro paid in 2012 to 0.85 Euro the Company will pay in July 2025 (+49.12%). Since 2012, Totalenergies has offered the following annual dividend increases to shareholders: 3.13% and 4.48% in 2018 and 2019 6.05%, 6.64% and 6.52% in 2022, 2023 and 2024 Up to 2.46% (2013) in the other periods. (The calculation does not consider the interim dividend of 1 Euro paid in 2022). In 2020 (COVID), the Company paid the dividends with a decrease of 1.52% compared to 2019. During the presentation of Q1/2025 results, the Board of Directors confirmed a shareholder return policy for 2025 targeting >40% CFFO payout, which will combine interim dividends increasing to 0.85 Euro per share and $2 billion of share buybacks per quarter, a level which will be pursued under reasonable market conditions. Based on our analysis, it is reasonable to expect that the French Company will be able to guarantee a dividend increase of 3-5% at low risk until 2030. TotalEnergies is a stock usually selected by investors seeking a reliable dividend income source at low risk and at a cheap price, like the following well-respected investors who have the stock inside their portfolio at this moment: Jeremy Grantham (Trades, Portfolio) (Chairman of the Board of Grantham Mayo van Otterloo (GMO) LLC, a Boston-based asset management firm) has built much of his investing reputation over his long career by correctly identifying speculative market "bubbles" as they were happening and steering clients' assets clear of impending crashes. Joel Greenblatt (Trades, Portfolio) (founder and managing partner of Gotham Asset Management LLC) specialised in cheap stocks by focusing on what "normalized earnings" will be 3-4 years into the future. T. Rowe Price Equity Income Fund, established in 1985, which is focusing on common stocks that have a strong track record of paying dividends or that are believed to be undervalued. Warning! GuruFocus has detected 3 Warning Sign with TTE. If investors are considering purchasing TotalEnergies' stock, they must also assess the risk that the French company may not be able to pay the expected dividends. This article analyzes TotalEnergies' balance sheet as of March 31, 2025 to verify its financial solidity. It also presents the company's long-term strategy and identifies the market scenarios in which the French-based company may not be able to guarantee the anticipated dividend returns. 31.03.2025 Balance Sheet - Risk Analysis In every balance sheet: Assets = Liabilities + Shareholders' equity This equation is always guaranteed because the balance sheet is the result of the double-entry accounting system where each transaction requires at least two accounts to be recorded in a journal ledger where the debit side has the same total of the credit side. Totalenergies balance sheet respects this equation: at the end of March 2025, total assets was $291,057m, the same amount as liabilities + equity. Totalenergies balance sheet is presented in increasing order of liquidity; from the less liquid to the more liquid. Non-current assets ($193,930m) are presented first, and current assets ($97,127m) after. Likewise, the liability section starts with shareholders' equity ($120,421m) followed by long-term liabilities ($80,175m), and current liabilities ($90,461m). This representation offers a first insight into how the company finances its activities and the relationship between current assets and current liabilities. Non-current assets vs. non-current liabilities At the end of March 2025, Totalenergies recorded $193,930m as non-current assets: 57.88% Properties, plant and equipment 17.81% Intangible assets 18.40% Equity affiliates: investments and loans 5.91% Others The non-current assets are funded by shareholders' equity ($120,421m) and long-term liabilities ($80,175m). Since 2013, shareholders' equity has always represented the most important guarantee for long-term projects. Paid-in surplus and retained earnings is the main contributor of this section; at the end of March 2025, it has a total amount of $128,787m. In relation to long-term liabilities, the chart below shows how TotalEnergies has managed its leverage throughout various cycles. During the COVID pandemic, the company increased its liabilities to sustain its operations and continue returning value to shareholders. Following the COVID period, two macroeconomic events contributed to TotalEnergies' cash flow rebound: The Recovery post-COVID The Russia-Ukraine war. This event has shocked the market with oil prices that have jumped above $100 a barrel and increased to $127 per barrel on the 8th of March before falling back to below $100 in June. In addition, the European decision to find an alternative to Russia LNG supply has push LNG prices to never-seen-before levels. These events have driven oil and LNG prices to record levels, greatly benefiting cash generation for companies in these sectors. In 2022, TotalEnergies achieved an all-time high in cash flow generation, totalling $46 billion. As a result, the company was able to offer an additional dividend of 1 Euro to its shareholders and successfully worked to reduce its debt on the balance sheet. Over the past few years, long-term liabilities have significantly decreased, and the gearing ratio has improved from 21.7% in 2020 (during COVID) to 8.3% at the end of 2024. At the end of March 2025, the gearing ratio was 14.3% (the result was highly influenced by the seasonality of the working capital (more details below). Excluding the impact of this seasonality, the normalized gearing would be 11%). Our analysis confirms that non-current assets are well funded by non-current liabilities. The fact that the gearing ratio has also been reduced to 11% can offer different options to the Directors to manage a possible recession in the economy successfully. Current assets vs. Current liabilities As of March 31, 2025, Totalenergies recorded current assets for an amount of 97,127 million of Dollars. Total current liabilities was 90,461 million of Dollars. Regarding the working capital, Patrick Pouyanne (Chairman & CEO of Totalenergies) explained that the seasonal working capital of $4.4 billion ($6 billion in Q1/2024, $4.5 billion in Q1/2023, $3.5 billion in Q1/2022) was significantly impacted by three elements: $1 million reversal of exceptional working cap items reported in Q4/2024. $2 billion seasonal effect from gas and power distribution activities in Europe and related to advanced payments occurring in Q1/2025. $1 billion impact from the evolution of the business related to stocks and sales increased at the end of the quarter. It is also important to note that the seasonability of the working capital in the first quarter of every year is highly influenced by winter sales; customers heat their homes much more in wintertime, but they used to pay their bills monthly in equal instalments throughout the year. As of 31 March 2025, liquidity ratios present the following results: Current Ratio: 1.07 Acid (Quick) Ratio: 0.86 Cash Ratio: 0.25 Liquidity results at the end of March 2025 confirm the trend of current ratio and acid ratio noted in the chart above: Current ratio has been above 1 in all years since 2013; it is 1.07 at the end of March 2025. Acid (Quick) ratio has moved from values above 1 to values slightly below 1 starting from the pandemic period. It is 0.86 at the end of March 2025. In our opinion, the deterioration of the liquidity ratios (a constant but not material reduction), and the cash reduction of 3 billion in the last 12 months are not a matter of concern at this moment. Directors are confident in the business's ability to generate solid cash flows; for this reason, they are making significant investments in CAPEX and offer robust returns for shareholders. Totalenergies' long-term strategy - risk analysis Totalenergies has established a long-term strategy to become a net-zero company by 2050. The Company is making substantial investments in low-carbon energy to increase its production from 14 PJ/d to 20 PJ/d by 2030 to meet rising demand. Renewable electricity will account for half of this increase, with a target power generation of approximately 130 TWh, while LNG will make up the balance. TotalEnergies' investment policy supports its strategy through CAPEX investments based on two pillars: Maintaining and growing oil and gas production Expanding low-carbon activities, primarily focusing on electricity from renewable sources. In 2025, TotalEnergies expects net investments of $17-17.5 billion, of which $4.5 billion is dedicated to low-carbon energies. Through cycles, the French Company expects net investments between $14 and $18 billion per year along the following lines: 33% of net investments are in low-carbon energies. 20% of net investments in natural gas, mainly LNG. 45% of net investments in the oil chain Totalenergies' investment strategy is well-balanced and set up to take full advantage of the evolution of the energy industry: CAPEX investments in low-carbon energies will increase the presence of Totalenergies in a growing industry with the goal of becoming a leading company in the long-term. CAPEX investments in oil and gas will support the business of Totalenergies in a sector where the French Company already has a leading position and it is able to generate significant returns from its investments. Also if TotalEnergies gradually decreases its investments in oil, it is projected that 80% of its production will continue to be in "oil and gas" by 2030. 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The Company's portfolio has a low breakeven point, in line with its objective of keeping it below $30/b (Totalenergies' organic cash breakeven point before dividend was $25.4/b in 2024), which ensures the competitiveness of its resources, and it allows the French company to realise profit margins also at a low oil price. During the presentation of the quarterly results in Paris, Patrick Pouyanne confirmed that the Company will maintain the actual dividend and share buyback program at $65/b; if the oil price will be listed at that level, the Company's gearing ratio will be around 14%, which is not a matter of concern. The Board of Directors is expected to change its return policy to shareholders only if oil price hits $50-55/b. In that scenario, it is reasonable to estimate a reduction of the share buyback program but no actions on dividend returns. Investors should expect an impact on dividends only if the price will slow down below $50/b. 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Therefore, the strong balance sheet of Totalenergies and its leading position in a profitable industry decrease the likelihood that the French company will fail to guarantee expected returns to shareholders, maintaining its status as a low-risk investment for investors. How Totalenergies plans to support American investors Totalenergies is a French Company which primary stock exchange is in Paris. The firm is already present in the American market through ADRs, which currently account for approximately 9% of its capital (these instruments allow American investors to purchase foreign shares in a format regulated by the SEC). However, American investors used to pay more to purchase Totalenergies stocks (financial intermediaries used to impose additional fees compared to the purchase of stocks listed in the American market). In addition, investors have a currency risk because dividends are in Euro. 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