Luxottica's 3Q Muddied With One-Offs, but Medium-Term Cost Advantage Improving
We retain our wide moat rating for the combined EssilorLuxottica entity after Luxottica reported a rather disappointing set of results with several positive and negative one-offs. We derive our fair value estimate for Luxottica from our combined EssilorLuxottica model and see shares trading at a 15% discount to our fair value estimate, in 4-star territory.Excluding the effects of weather-related disruptions, the organic sales trend from the first half continued over the nine months with 1.8% gr...
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