Essilor: Merger on sight!
Essilor: (BUY, Fair Value EUR132 vs. EUR130 (+4%))Merger on sight!
Besides the good H1 publication, EI (and LUX) also secured China’s conditional approval for their merger. EI and LUX are now giving themselves some time to complete the antitrust process by the end of September, discussions with Turkish antitrust authorities are about to be finalised. Management confirmed the initial synergies target (EUR440-600m) which should be fine-tuned later on. In the meantime, EI has reiterated its FY18 outlook, implying quite similar top-line and earnings trends over H2 as in H1. Our new FV of EUR132 vs. EUR130 results from slight forecast adjustments (FX, tax rate), Buy recommendation confirmed.
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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