Accélération de la croissance en vue - ACHAT - OC 140€ (vs 130€)
Suite au CA T1 2017 publié hier et au message positif du management, nos estimations sont quasiment inchangées. Toutefois, notre objectif passe à 140€ vs 130€ après mise à jour des paramètres DCF. Nous réitérons notre recommandation ACHAT : (i) la croissance organique devrait s’accélérer à MT (+4,2%/+5,2% estimé en 2017/18 vs +3,6% en 2016), (ii) le potentiel de développement à LT est significatif grâce à un marché de l’optique porteur (+4% par an, tiré par les émergents et l’amélioration du mix produits) et (iii) nous estimons que la fusion avec Luxottica, dont la finalisation est attendu au S2 2017, sera relutive d’environ +15%sur les résultats 2019.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).
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Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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