Un rebond anticipé - NEUTRE - OC 50€
Nous initions la couverture de Luxottica, leader mondial du segment des montures de lunettes de vue et de solaires, à NEUTRE. D’une part, les fondamentaux sont attractifs : (i) la société jouit d’un business model unique grâce à une intégration verticale production/distribution qui lui permet de contrôler la chaîne de valeur et de conserver les meilleures licences de marques et (ii) le secteur de l’optique est porteur avec une croissance d’environ +4% par an. Toutefois, nous voyons deux freins à l’investissement à court terme : (i) la société investit davantage que les dernières années (plateformes ecommerce, développement du réseau retail), ce qui rend incertaine l’évolution des marges en 2017 et (ii) bien que nous attendions un rebond du CA en 2017 (+5,9% dont +2,9% à changes constants) après une année 2016 marquée par un ralentissement de la croissance (+1,5%e), le consensus l’a selon nous déjà intégré. En termes de valorisation, Luxottica se paie à peu près en ligne avec ses multiples historiques. Notre objectif, obtenu par DCF, ressort à 50€.Luxottica Group S.p.A. is a holding company. The Company is engaged in the design, manufacture and distribution of fashion, luxury, sport and performance eyewear. The Company operates through two segments: manufacturing and wholesale distribution, and retail distribution. Through its manufacturing and wholesale distribution operations, the Company is engaged in design, manufacturing, wholesale distribution and marketing of brands and designer lines of prescription frames and sunglasses, as well as of performance optics products. The Company operates its retail segment principally through its retail brands, which include LensCrafters, Sunglass Hut, Pearle Vision, ILORI, The Optical Shop of Aspen, GMO, OPSM, Laubman & Pank, Oakley O Stores and Vaults, David Clulow, and its retail licensed brands, Sears Optical and Target Optical. The Company's wholesale distribution network covers over 150 countries across five continents and has approximately 50 commercial subsidiaries.
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