Alcon AG : Sharpening vision in a structurally growing market
Alcon is a world leading pure-play eye care company, operating in two highly attractive and structurally growing markets: Ophthalmic Surgery and Vision Care. Supported by several structural growth drivers, these markets are expected to experience steady mid-single-digit growth. Alcon is projected to outperform this, driven by market share gains through product innovation. It enjoys high revenue recurrence (around 90%), a 2024-30e core EPS CAGR of 10.4%, strong free cash flow, and thus a solid balance sheet. We are initiating coverage of the stock with an Outperform rating and a target price of CHF 79.0.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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