Estée Lauder: Beauty more than skin-deep

We initiate coverage of Estée Lauder Companies (NYSE: EL) with a BUY (underweight) rating. The company is engaged in creating and selling high quality cosmetics, skincare, and perfumes. We think the company is best-in-class in its industry and acts as a compliment to a portfolio which is exposed to the rise of luxury and consumer disc. purchases.