Luxottica 4Q Shows Improvement Over 3Q, Suffers From Euro Strength
We maintain our EUR 54 per share fair value estimate for Luxottica after it reported its fourth-quarter sales update, which came in largely in line with our estimates. We derive our valuation for Luxottica on a stand-alone basis from our combined EssilorLuxottica valuation model, using a conversion ratio of 0.461. We expect the transaction to close in the first quarter of 2018.Organic growth in the fourth quarter was flat, compared with our expectations for a low-single-digit decline, and the s...
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