SAFILO: Turnaround story validated despite Covid-19 impacts | BUY | EUR0.9 vs. EUR1
SAFILO - BUY | EUR0.9 vs. EUR1 (+67%)Turnaround story validated despite Covid-19 impacts
Q3 sales increased 6% FX-n driven by a buoyant US activity
Independent ECP and digital channels led the pack
Q3 results reflect improving top line trends
You & Safilo to support omnichannel approach at ind. opticians
Digital strategy is well executed and deliver strong results
TP nudged down to EUR0.9 to take into account the European lockdowns
Safilo engages in the design, production, wholesale, and retail distribution of prescription eyewear, sunglasses, sports eyewear, and accessories. Co. also provides optical frames, technical sports goggles, ski goggles, and helmets. Co. provides its products under various brands such as Safilo and Smith, as well as under the licensed brands, such as Alexander McQueen and Banana Republic. Co. serves opticians, optometrists, ophthalmologists, distribution chains, department stores, specialized retailers, licensors' own stores, duty free shops, and sports shops through independent distributors and agents, as well as through its own branches in Europe, the Americas, Asia, and internationally.
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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