INVEST SECURITIES - Essilor : Un très bon T4 porté par les US - ACHAT, OC 130€
L'accélération de la croissance organique au T4 a été nettement plus importante que prévu grâce au succès des lancements aux Etats-Unis. Cette publication a toutefois été éclipsée par le feu vert donné à la fusion Essilor/Luxottica de la part des autorités de la concurrence européenne et américaine. La Chine est donc le dernier pays clé dont l'accord est attendu. Notre objectif de 130€ est inchangé après mise à jour des paramètres du DCF et malgré la baisse de nos estimations (BNA 2018-19e -3% afin d'intégrer l'évolution des devises). Nous réitérons notre recommandation ACHAT compte tenu de l'accélération attendue de la croissance organique et d'une valorisation relative attractive.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).
Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
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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