ESSILORLUXOTTICA: Sequential improvement confirms sound fundamentals but question marks remain | NEUTRAL | EUR116 vs. EUR118 (+9%)
ESSILORLUXOTTICA - NEUTRAL | EUR116 vs. EUR118 (+9%)Sequential improvement confirms sound fundamentals but question marks remain
Q3 sales beat expectations but not optical peers
EssilorLuxottica 360 to accelerate within ind. ECP channel
Digital sales now account for 8.5% of sales vs. c.5% the PY
Synergies: low visibility in the near-term but MT target confirmed
FV nudged down to EUR116 to reflect the negative impact of new lockdowns
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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