Report
Cedric Rossi

ESSILORLUXOTTICA - BUY Top Picks | EUR195 Resilient top-line and earnings growth profile, still our favourite choice

ESSILORLUXOTTICA - BUY Top Picks | EUR195
Resilient top-line and earnings growth profile, still our favourite choice

U.S market: normalization phase trends due to tough comparison base but underlying trends still strong
Asia-Pacific: Covid-19 related lockdowns harmful to current trading in China
FY22 outlook reiterated but no change to our high confidence about margin improvement trajectory
Underlying
EssilorLuxottica SA

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).

Provider
Bryan Garnier
Bryan Garnier

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.

Analysts
Cedric Rossi

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