GRANDVISION | BUY | Fair Value EUR26 Strong set of numbers in Q2, FY18 reiterated
Grandvision: (BUY, Fair Value EUR26 (+34%))Strong set of numbers in Q2, FY18 reiterated
Q2 sales reached EUR961m, in line with CS expectations (EUR897m) but with a better-than-expected LFL growth (+3.5% vs. CS of +2.7%). It is worth noting the Group’s positive performances in tough markets such as France or Germany. In Q2, adj. EBITDA margin expanded 40bp to 16.4% (CS: 15.6%), as a result of a favourable operating leverage offesting the dilutive impact from Tesco Opticians. GVNV confirms FY18 outlook with specifying that Q3 LFL should be lower than Q4 given negative technical factors (tough comps, hot weather conditions, etc.). Conference call today at 9:00am CET.
GrandVision offers wide access to vision services and products, which includes prescription glasses, contact lenses and care products, and sunglasses both with and without prescription lenses. Co.'s exclusive brands includes: Frames (5th Avenue Heritage, Activ, BeBright, C-line, DbyD, Enzzo, Fuzion, Go Green, Heritage, Julius, IN STYLE, iSwitch, LightFly, Miki Ninn, Play!, Seen, Sensaya, The one, twiins); Sunglasses (Heritage, Seen, Solaris, Unofficial); Lenses (LightView, VariView); and Contact Lenses (Eyexpert, iWear). As of Dec. 31, 2016, Co.'s network includes 6,516 stores across more than 40 countries in Europe, the Americas, and Asia and operates under 29 local retail banners.
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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