EssilorLuxottica's Guidance Disappoints as Synergies Take Time; Shares Attractive
We are maintaining our fair value estimate and wide moat rating for EssilorLuxottica as the company reported full-year revenue in line with our forecasts and slightly lower operating margin than we forecast. We expect to adjust our near-term forecasts to reflect delayed synergy realization. This will have a low- to mid-single-digit negative impact on our fair value estimate. Although the benefits from the merger are taking longer to play out and there is weakness in some parts of the business, w...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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