Une forte création de valeur en vue - ACHAT - OC 130€ (vs 113€)
La fusion entre Essilor et Luxottica annoncée hier a été bien accueillie par le marché (+12% pour l’action Essilor et +8% pour Luxottica) compte tenu de la forte complémentarité des deux groupes. Le management table sur des synergies de 400600m€ au niveau de l’EBIT à moyen-terme, dont la moitié proviendrait de la hausse des ventes. Si nous prenons l’hypothèse de 500m€ de synergies, dont la moitié pour Essilor, cela équivaut à une création de valeur de +15% sur la base de nos estimations 2019. Notre objectif de cours ressort donc à 130€ vs 113€ préc. ACHAT maintenu.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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