ESSILORLUXOTTICA: Increased uncertainties surrounding the GrandVision deal | NEUTRAL vs. BUY | EUR110 vs. EUR136 (-7%)
ESSILORLUXOTTICA - NEUTRAL vs. BUY | EUR110 vs. EUR136 (-7%)Increased uncertainties surrounding the GrandVision deal
GVNV accused of breaching its obligations under the support agreement
What are the main terms part of the support agreement?
GVNV’s COVID-19 actions are at the heart of the matter
We do not see any concerns with GVNV’s existing net debt
Is EL trying to renegotiate GVNV deal? Yes but certainly not to terminate it
Visibility is now clearly limited, antitrust and integration risks are higher: Downgraded to Neutral and FV reduced to EUR110
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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