Essilor: H1 results meet forecasts with a stronger-than-expected LFL growth in Q2
Essilor: (BUY, Fair Value EUR130 (+5%))H1 results meet forecasts with a stronger-than-expected LFL growth in Q2
H1 sales contracted 3.5% as reported to EUR3,726m, fairly in line with CS forecasts (EUR3,756m). In Q2 alone, LFL topped expectations with 4.8% (CS: +4%e) marking an acceleration vs. Q1 (+3.2%) which was affected by unfavourable weather conditions. In H1 the contribution margin decreased by 20bp to 18.4% bang in line with the Street (CS: 18.4%e) given a step up in opex investments. Ahead of the conference call today at 10.30am (CET), FY guidance are reiterated.
Essilor International (Compagnie Generale d'Optique) designs, manufactures and sells ophthalmic lenses, ophthalmic optical instruments and equipment. Co.'s activities are divided into three segments: Lenses and Optical Instruments (Co. designs, manufactures and customizes corrective lenses such as: Varilux (progressive lenses); anti-reflective, smudge-proof and anti-static lenses (Crizal); Nikon lenses, Transitions variable-tint lenses and Kodak lenses under agreements; polarized lenses (Xperio) and fog-proof lenses (Optifog)), Equipment (Co. produces, distributes and sells equipment and consumables used by prescription laboratories) and Readers (Co. designs and sells reading glasses).
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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