Report
Jelena Sokolova
EUR 101.80 For Business Accounts Only

Luxottica continues to expand with increased investment in technology, retail stores, and brand.

We are launching coverage of EssilorLuxottica as a combined entity with a wide moat rating and fair value estimate of EUR 117 per share. Our valuation assumes the merger is finalised by the end of the year. This results in an upgrade to our fair value estimate to EUR 117 from EUR 95 for Essilor's stand-alone shares, and an upgrade to EUR 54 from EUR 45 for Luxottica's stand-alone shares. We believe that after a recent pullback, shares offer modest upside of around 10%.
We believe EssilorLuxotti...
Underlying
Luxottica Group S.p.A. ADS

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

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.

We have operations in 27 countries.

Analysts
Jelena Sokolova

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