Essilor Posts Solid Results Prior to Merger Wth Luxottica
Essilor unveiled positive first-quarter earnings, which were largely in line with our expectations and we are reiterating our EUR 95 fair value estimate and wide moat rating. The company grew revenue by 10%, or 2.4% on an organic basis. Essilor experienced the remaining 7.4% growth from currency tailwinds and the integration of recent acquisitions, such as MyOptique Group in Europe and Photosynthesis Group in China. Despite these short-term drivers, we still see meaningful long-term growth stemm...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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