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  • 20 Oct 23
No major surprises in the Q3

EssilorLuxottica’s Q3 FY23 sales performance was in line with AV as well as the market’s expectations. Group revenue grew by 5.2% yoy (at CER), with positive contributions from both segments. While North America continued to witness softness in the Sun business, the deceleration in Europe proved to be temporary in view of the rebound in September and October. Although the growth for the Stellest lens was stronger in China, the stock is likely to be range-bound in the near-term. No change in the

Companies: EssilorLuxottica SA

AlphaValue
  • 26 Jul 23
Decent H1 performance; gearing to combine sight and sound!

EssilorLuxottica’s H1 FY23 performance was in line with market expectations. The group’s revenue growth of 8.2% (at constant currency) was a factor of the positive momentum in both business segments. Although the rebound in China is encouraging, the slowdown in growth in North America could ring alarm bells for some investors. The decision to expand into hearing solutions looks promising, although we agree that there are multiple moving parts. The financial impact is also unclear at present. We

Companies: EssilorLuxottica SA

AlphaValue
  • 21 Apr 23
Solid Q1, led by a rebound in China and a stronger North America

EssilorLuxottica’s Q1 sales were 3.8% higher than the market’s expectations. Both business segments contributed to the momentum (PS: +7.7% and DTC: +9.4% yoy). Although the rebound in China came as no surprise, we note a solid performance in North America and Brazil. EL’s premium pricing/positioning and recovery in the ESP category were the key drivers in North America. The management confirmed that the top line momentum has continued in April. We will slightly increase our financial estimates a

Companies: EssilorLuxottica SA

AlphaValue
  • 24 Feb 23
Decent close to FY22; investors note slowdown in China and Brazil!

Although EssilorLuxottica’s FY22 sales and adjusted EBIT were in-line with street expectations (at €24,494m and €4,115m, respectively), the adjusted EPS was 4% ahead. While the Q4 slowdown in China does not look a structural issue, the poor showing in Brazil is a bit concerning (although the LatAm region rebounded in January 2023). We expect the management to achieve the 2022-26 guidance: a mid-single digit sales CAGR at constant exchange rate and an operating margin of 19-20%. We remain cautio

Companies: EssilorLuxottica SA

AlphaValue
  • 26 Oct 22
Strong Q3 performance; APAC leads the pack!

EssilorLuxottica has posted strong performances throughout 2022. The Q3 performance (+8.2% yoy at CER) was led by solid momentum in both business segments (Professional Solutions: +7.8% and Direct to Consumer: +8.5% yoy). All regions contributed to the top-line momentum, with APAC leading the pack. Having said that, we expect the group’s earnings to soften in FY23 as consumer sentiment/demand is likely to gradually decline. We remain cautious on the stock’s valuation.

Companies: EssilorLuxottica SA

AlphaValue
  • 29 Jul 22
Solid H1 performance; NA growth deceleration is alarming!

EssilorLuxottica announced a stronger than expected performance for H1 FY22 – sales and adjusted EBIT were ahead of the consensus by 2.5% and 5.2%, respectively. Both business segments contributed to the growth. However, the growth deceleration in North America is noticeable, raising fears of a further decline. The management reaffirmed the FY22 and mid-term sales and profitability targets. We will tweak our financial estimates slightly upwards but maintain our cautious stance based on the stock

Companies: EssilorLuxottica SA

AlphaValue
  • 26 Apr 22
Strong start to the year; concerns around China are overdone

EssilorLuxottica’s start to the New Year has been stronger than our as well as the market’s expectations. Both business segments clocked healthy growth during the quarter, with a positive contribution witnessed in all four operating regions. However, the stock has come under pressure due to concerns regarding the lockdown restrictions in China. We see this as a temporary issue plus the Asian country’s contribution to the top-line is also not significant. We will be slightly upgrading our estimat

Companies: EssilorLuxottica SA

AlphaValue
  • 14 Mar 22
Well poised to sustain the 2021 momentum!

There were no major surprises in EssilorLuxottica’s FY21 performance. The sales and EBIT were almost in line with street estimates. Among the positives, the Q4 sales momentum has continued into the new financial year. The profit margin has diluted with the consolidation of GrandVision. However, the target for 2022-26 looks achievable management’s recent success (despite multiple headwinds) adds to our positivity. We will improve the financial estimates but maintain a cautious stance on the stock

Companies: EssilorLuxottica SA

AlphaValue
  • 31 Oct 21
Strong Q3 performance; sustainable momentum

EssilorLuxottica’s Q3 performance was ahead of our as well as market estimates. Positive momentum was witnessed in both business segments (PS and DTC). Once again, the top-line growth (at constant currency) was led by North America. We do not expect the global supply-chain issues to impact considerably a vertically-integrated and innovation-led firm like EL. The improved outlook is also reassuring for the investor community. We will improve the estimates and target price.

Companies: EssilorLuxottica SA

AlphaValue
  • 30 Jul 21
Retail outgrows wholesale in Q2; FY21 outlook raised

Benefiting from the strong market recovery, EssilorLuxottica witnessed an acceleration in sales in Q2 with optical growing faster than the sun category. Interestingly, the outperformance was led by the US-heavy retail business. Wholesale also witnessed a step-up, though it lagged due to its European exposure. Robust sales growth and strict cost management ensured a beat on profitability too. Given the sturdy results, the FY21 outlook has been raised. With GrandVision now in the bag and governanc

Companies: EssilorLuxottica SA

AlphaValue
  • 22 Jun 21
GrandVision at a lower price?

After two failed attempts, EssilorLuxottica has finally won the legal battle against GrandVision. While the French-Italian giant now has the option to pull the plug on the deal without paying any penalties, we believe it would instead go-ahead with the deal but at a lower price. Importantly, EssilorLuxottica now has an upper hand to renegotiate terms and, considering that GrandVision is no longer in a position to dictate the terms, it might agree a lower price.

Companies: EssilorLuxottica SA

AlphaValue
  • 06 May 21
Q1 21 outperformance driven by the US and China

2021 has got off to an encouraging start with the group capitalising on the rebound in the US and Chinese markets. Interestingly, strong momentum was visible in prescription lenses and optical retail and sun business was also back on track. Note that Q1 21 sales reported growth above Q1 19 levels and management is now confident to deliver a FY21 performance at least comparable to pre-pandemic levels. The integration process continued to gain momentum and full-year synergy targets were reiterated

Companies: EssilorLuxottica SA

AlphaValue
  • 12 Mar 21
Sales in positive territory in Q4; Del Vecchio cements its position

Sales (at CER) were back in the black in Q4 20, driven by the resilience of the lenses segment and the acceleration in the retail segment, led by e-commerce. Management believes that the business environment will begin to normalise from Q2 21 and, combined with an innovative product pipeline, it has the ambition to deliver a performance comparable to pre-pandemic levels. Importantly, the governance structure is being overhauled and Del Vecchio is set to tighten his grip over the company.

Companies: EssilorLuxottica SA

AlphaValue
  • 04 Nov 20
Strong recovery in Q3 led by the resilient optical business

The Q3 beat was driven by the ‘resilient’ lenses segment. Wholesale saw a significant improvement, led by the independent channel, and retail bounced back with optical banners and e-commerce leading the pack. Developed markets returned to positive growth while emerging markets remained a drag. A further acceleration was visible in October but, due to fresh lockdowns, the management remains prudently confident. With optical considered as an ‘essential’ category, the sales impact could be less sev

Companies: EssilorLuxottica SA

AlphaValue
  • 03 Aug 20
Q2 was worse, though sequential recovery is encouraging

As expected, Q2 was worse than Q1 with sales plummeting 46.1%. However, revenue hit a trough in April, followed by a marked sequential recovery in May and June. Lenses saw almost flat sales in June, benefiting from pent-up in demand for prescription products and new product launches. Retail is approaching normalcy on the back of progressive improvements in traffic and higher conversion rates. Wholesale is a bit behind, though the progressive recovery of independents and key accounts should provi

Companies: EssilorLuxottica SA

AlphaValue

EssilorLuxottica SA

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13Feb24 18:00 RNS EPE Special Opps Ltd - Director/PDMR Shareholding
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