Report
Jelena Sokolova
EUR 100.00 For Business Accounts Only

Essilor and Luxottica See Improving Performance in 3Q; FVE Maintained

We retain our wide moat rating and fair value estimate of EUR 127 per share for EssilorLuxottica, as the companies have reported third-quarter results broadly in line with expectations and confirmed full-year guidance. The call was given for the Essilor business only, as the merger process is under way, while the joint EssilorLuxottica shareholders' meeting, with an update on integration and common goals, is expected on Nov. 29.
At Essilor, performance accelerated in the third quarter, resulting...
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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