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.
