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...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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