Grandvision: Well on track to achieve a solid year
Grandvision: (BUY, Fair Value EUR26 (+22%))Well on track to achieve a solid year
The slower top line and earnings momentum anticipated for Q3 has not dampened investors’ confidence, the latter being revitalized by the Group’s impressive market share gains in France and Germany over H1, and the confirmation that this weaker quarter would be compensated by a strong Q4. We have only proceeded to minor adjustments with no impact on our FV (EUR26). Buy confirmation reiterated.
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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