Luxottica's Full-Year Sales Slightly Below Our Estimates; Shares Trading Above FVE
Narrow-moat Luxottica's 2016 results came in slightly below our top-line estimates but showed improvement in earnings per share. Full-year sales of EUR 9 billion were up 3%, or 4% at constant exchange rates, driven by the retail segment. While we will incorporate the full financial results into our valuation model, we don't expect any significant change in our EUR 45 fair value estimate, leaving the shares trading slightly above our valuation.North American retail, the largest segment at EUR 4....
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