Luxottica's 2018 Guidance Cautious, Essilor Merger Completion Expected in H1 2018; FVE Maintained
We expect to adjust our model to reflect a later date for the completion of the EssilorLuxottica merger and slightly lower expectations for narrow-moat Luxottica’s top-line growth in 2018. We do not expect this to significantly affect our fair value estimate, as it will be offset by the time value of money and a higher than previously modelled impact from U.S. tax reform.The timeline for the pending Essilor merger remains uncertain. Approvals have been received in 13 countries, but the main ma...
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