EssilorLuxottica: margin expansion set to "materially accelerate" in FY24
FY23 sales came out at EUR25.4bn, fairly in line with expectations (CSS: 24.43bn) and with a third consecutive year of growth above 7% (+7.1% FX-n). The slight EBIT margin miss (16.5% vs. 16.7%e), caused by strategic investments (50bp dilution) and FX headwinds (-40bp) should be more than offset by
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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