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 ....