Grandvision: CMD Feedback - 2023 Targets: Continuation and... Acceleration
Grandvision: (BUY, Fair Value EUR26 (+24%))CMD Feedback - 2023 Targets: Continuation and... Acceleration
Indeed the strong current trading (faster LFL than in H1 at +2.8%) which pleased the market yesterday, and achieved MT targets set at the IPO confirm that GVNV was already on the right track. Yet, during this CMD, top management pointed out that the global optical leader must now to step up customer-centric initiatives and execution to adapt and anticipate fast-evolving consumer trends. GVNV’s ambition that eCom sales would represent ~10% of total revenue vs. 2-3% in 2017, confirms this will to accelerate. Mid to large acquisitions will also pick up, calling for a higher dilutive impact which is now reflected in the refined adj. EBITDA guidance. Buy recommendation and FV of EUR26 confirmed.
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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