reports
- Jelena Sokolova
Luxottica's 1Q Sales Suffer From Weather, Wholesale Rationalisation, C...
We maintain our fair value estimate for Luxottica, which we derive from our combined EssilorLuxottica model, as the company reported rather weak first-quarter sales. The group’s net sales declined by 0.8% at constant exchange rates, but the company stuck to its outlook for 2%-4% constant-currency revenue growth (our forecast calls for a 2.5% increase in constant-currency revenue). The wholesale division was a drag, as orders were postponed in March in Europe due to unseasonably cold weather co...
- Jelena Sokolova
Luxottica continues to expand with increased investment in technology,...
We maintain our fair value estimate for EssilorLuxottica as Essilor reported full-year results and received unconditional clearance for its merger with Luxottica from the European Commission. Management expressed confidence in positive clearance from U.S. authorities in the near future and expects the transaction to close in the first half of the year. All the clearances received so far have been unconditional. Essilor reported sales growth largely in line with our expectations. Like-for-like s...
- Jelena Sokolova
Luxottica 4Q Shows Improvement Over 3Q, Suffers From Euro Strength
We maintain our EUR 54 per share fair value estimate for Luxottica after it reported its fourth-quarter sales update, which came in largely in line with our estimates. We derive our valuation for Luxottica on a stand-alone basis from our combined EssilorLuxottica valuation model, using a conversion ratio of 0.461. We expect the transaction to close in the first quarter of 2018. Organic growth in the fourth quarter was flat, compared with our expectations for a low-single-digit decline, and the s...
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