EssilorLuxottica's Results in Line With Expectations, Synergies in Execution Mode; FVE Maintained
We are maintaining our wide moat rating and EUR 119 fair value estimate for EssilorLuxottica as the company reported first-quarter sales that were largely in line with our full-year expectations. Revenue at constant exchange rates was up 3.7% versus the 3.8% that we expect for the full year and management's 3.5%-5% guidance. Guidance for 3.5%-5% revenue growth and adjusted operating profit growth of 0.8-1.2 times sales was maintained.Essilor’s revenue was up 4.3% at constant exchange rates and...
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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