Morningstar - Luxottica Group S.p.A. ADS (LUX) Luxotticas First-Half Results In Line With Expectations; FVE Maintained

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Morningstar

Jelena Sokolova

EUR 100.00 For Business Accounts Only

Luxottica's First-Half Results In Line With Expectations; FVE Maintained

We retain our fair value estimate for the EssilorLuxottica combined entity, as Luxottica reported half-year results in line with our expectations. The firm reiterated its full-year guidance but stated that the results will likely be in the lower bound (in line with our expectations).
The firm expects to obtain merger approval in China by the end of July (as conditions for the merger are being discussed). Discussions with Turkish antitrust authorities are also being finalised. China is the only r...

24/07/2018 12 EN

Underlying

Luxottica Group S.p.A. ADS

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US55068R2022 Italy

Provider

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.

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Analysts

Jelena Sokolova

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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 in 5% like-for-like growth (versus 3.6% in the first half of the year and around 4% annual target)...

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Morningstar | Luxottica's First-Half Results In Line With Expectations; FVE Maintained

We retain our fair value estimate for the EssilorLuxottica combined entity, as Luxottica reported half-year results in line with our expectations. The firm reiterated its full-year guidance but stated that the results will likely be in the lower bound (in line with our expectations). The firm expects to obtain merger approval in China by the end of July (as conditions for the merger are being discussed). Discussions with Turkish antitrust authorities are also being finalised. China is the only remaining country where antitrust approvals are a condition to the transaction closing. Thus, we wil...

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Luxottica's First-Half Results In Line With Expectations; FVE Maintained

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

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

Morningstar | Luxottica's First-Half Results In Line With Expectations; FVE Maintained

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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