EssilorLuxottica

Essilor International (Compagnie Generale d'Optique) designs, manufactures and sells ophthalmic lenses, ophthalmic optical instruments and equipment. Co.'s activities are divided into three segments: Lenses and Optical Instruments (Co. designs, manufactures and customizes corrective lenses such as: Varilux (progressive lenses); anti-reflective, smudge-proof and anti-static lenses (Crizal); Nikon lenses, Transitions variable-tint lenses and Kodak lenses under agreements; polarized lenses (Xperio) and fog-proof lenses (Optifog)), Equipment (Co. produces, distributes and sells equipment and consumables used by prescription laboratories) and Readers (Co. designs and sells reading glasses).
  • TickerEI
  • ISINFR0000121667
  • ExchangeEuronext Paris
  • SectorHealth Care Equipment & Services
  • CountryFrance

Analysts

Cedric Rossi

ESSILORLUXOTTICA: A little bit more patience until September... | BUY | EUR128 vs. EUR132

ESSILORLUXOTTICA - BUY | EUR128 vs. EUR132 (+26%) A little bit more patience until September... Prudent FY19 sales outlook: +3.5-5% FX-n vs. +3.2% in FY18 FY19 earning guidance is also conservative MT synergy target likely to revised up in our view No near-term catalysts but MT growth profile remains intact

Jean-Christophe Dourret

Essilor : Essilor - 11 Mar 2019

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Jean-Christophe Dourret

Essilor : Essilor - 11 mar 2019

...

Jelena Sokolova

Morningstar | EssilorLuxottica's Guidance Disappoints as Synergies Take Time; Shares Attractive

We are maintaining our fair value estimate and wide moat rating for EssilorLuxottica as the company reported full-year revenue in line with our forecasts and slightly lower operating margin than we forecast. We expect to adjust our near-term forecasts to reflect delayed synergy realization. This will have a low- to mid-single-digit negative impact on our fair value estimate. Although the benefits from the merger are taking longer to play out and there is weakness in some parts of the business, we continue to believe that EssilorLuxottica is well positioned to benefit from the structural growth...

Jelena Sokolova

EssilorLuxottica's Guidance Disappoints as Synergies Take Time; Shares Attractive

We are maintaining our fair value estimate and wide moat rating for EssilorLuxottica as the company reported full-year revenue in line with our forecasts and slightly lower operating margin than we forecast. We expect to adjust our near-term forecasts to reflect delayed synergy realization. This will have a low- to mid-single-digit negative impact on our fair value estimate. Although the benefits from the merger are taking longer to play out and there is weakness in some parts of the business, w...

Cedric Rossi

ESSILORLUXOTTICA: A little bit more patience until September... | BUY | EUR128 vs. EUR132

ESSILORLUXOTTICA - BUY | EUR128 vs. EUR132 (+26%) A little bit more patience until September... Prudent FY19 sales outlook: +3.5-5% FX-n vs. +3.2% in FY18 FY19 earning guidance is also conservative MT synergy target likely to revised up in our view No near-term catalysts but MT growth profile remains intact

Jean-Christophe Dourret

Essilor : Essilor - 11 Mar 2019

...

Jean-Christophe Dourret

Essilor : Essilor - 11 mar 2019

...

Jelena Sokolova

Morningstar | EssilorLuxottica's Guidance Disappoints as Synergies Take Time; Shares Attractive

We are maintaining our fair value estimate and wide moat rating for EssilorLuxottica as the company reported full-year revenue in line with our forecasts and slightly lower operating margin than we forecast. We expect to adjust our near-term forecasts to reflect delayed synergy realization. This will have a low- to mid-single-digit negative impact on our fair value estimate. Although the benefits from the merger are taking longer to play out and there is weakness in some parts of the business, we continue to believe that EssilorLuxottica is well positioned to benefit from the structural growth...

Jelena Sokolova

EssilorLuxottica's Guidance Disappoints as Synergies Take Time; Shares Attractive

We are maintaining our fair value estimate and wide moat rating for EssilorLuxottica as the company reported full-year revenue in line with our forecasts and slightly lower operating margin than we forecast. We expect to adjust our near-term forecasts to reflect delayed synergy realization. This will have a low- to mid-single-digit negative impact on our fair value estimate. Although the benefits from the merger are taking longer to play out and there is weakness in some parts of the business, w...

Alfred Glaser ...
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Léopold Authié
  • Nicolas David
  • Olfa Taamallah
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/23/2018

At the Capital Markets Day on 8 November, ASML should again outline an upbeat vision out to 2025. We expect further strong growth in sales (to between € 15bn and € 20bn in 2025 vs a target of € 11bn in the 2020 plan), along with growth in EPS, which we see reaching between € 11 (bear case) and € 18 (bull case) vs € 8.4 in 2020e. Based on our average scenario in 2025 (sales of € 17.5bn and EPS of € 15), the share price could potentially double, hence our Buy recommendation. Cf report p...

Alfred Glaser ...
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Léopold Authié
  • Nicolas David
  • Olfa Taamallah
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/10/2018

A l’occasion du CMD du 8/11, ASML devrait présenter une vision à nouveau optimiste à horizon 2025. Nous tablons en effet sur une nouvelle forte croissance du CA (à 15/20 Md€ en 2025 vs un objectif de 11 Md€ dans le plan 2020), accompagnée d’une croissance du BPA qui devrait évoluer entre 11 € (bear case) et 18 € (bull case) vs 8.4 € en 2020. A notre scénario moyen en 2025 (CA de 17.5 Md€ et BPA de 15 €), le titre a le potentiel pour doubler, d’où notre opinion Acheter. Cf étude publié...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean-François Granjon
  • Johanna Jourdain
  • Laurence Hofmann
  • Léopold Authié
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas Kieffer
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Salma Bouraoui
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Thomas Zlowodzki
  • Vincent Maulay
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2018

Which stocks should be picked over the summer? We have sought to answer this question by screening the Stoxx 600 using simple criteria: buy stocks with positive 1m, 3m and 6m EPS revision and that are not expensive (maximum premium of 20% on P/E and P/B) relative to their respective sectors. We have selected stocks on which our analysts have Buy recommendations and our chart analyst (Rémy Colombero) has a positive opinion: Ahold, Aegon, Alten, Arkema, Eiffage and Ipsen. Applying a sym...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean-François Granjon
  • Johanna Jourdain
  • Laurence Hofmann
  • Léopold Authié
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas Kieffer
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Salma Bouraoui
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Thomas Zlowodzki
  • Vincent Maulay
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/07/2018

Quels titres favoriser pour l’été ? Nous avons tenté de répondre à cette question en criblant sur des critères simples le Stoxx 600 : acheter les titres qui connaissent une dynamique de révision de BPA positive à 1m, 3m et 6m et qui ne sont pas « chers » (prime maximale de 20% en P/E et P/B) par rapport à leurs secteurs de rattachement respectifs. Nous retenons les titres recommandés à l’Achat par nos analystes et pour lesquels notre chartiste (R. Colombero) a une opinion positive : A...

Christian Guyot ...
  • Peter Farren

INVEST SECURITIES - Essilor : Un très bon T4 porté par les US - ACHAT, OC 130€

L'accélération de la croissance organique au T4 a été nettement plus importante que prévu grâce au succès des lancements aux Etats-Unis. Cette publication a toutefois été éclipsée par le feu vert donné à la fusion Essilor/Luxottica de la part des autorités de la concurrence européenne et américaine. La Chine est donc le dernier pays clé dont l'accord est attendu. Notre objectif de 130€ est inchangé après mise à jour des paramètres du DCF et malgré la baisse de nos estimations (BNA 2018-19e -3% afin d'intégrer l'évolution des devises). Nous réitérons notre recommandation ACHAT compte tenu de l'...

Nurhayati Wan

EssilorLuxottica

Nurhayati Wan

EssilorLuxottica

Nurhayati Wan

EssilorLuxottica

Nurhayati Wan

EssilorLuxottica

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Nurhayati Wan

EssilorLuxottica

Essilor - Assemblée générale des actionnaires du 16 mai 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

EssilorLuxottica – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

EssilorLuxottica - 2018 November 29

Following the combination of Essilor and Luxottica, Leonard Del Vecchio is now Executive Chairman of the company and Hubert Sagnières is Executive Vice-Chairman. Therefore, the roles of chairman and chief executive are not separated. However, we note that the company indicates in its press release published on October, 1 2018 that “The Nomination and Compensation Committee will be mandated before the end of January 2019 to lead the search process for a Chief Executive Officer”. The main subject of this general meeting is related to the executives’ remuneration policy post-combination (ITEM 1)...

Jehanne Leroy

EssilorLuxottica - 29 Novembre 2018

Suite à la finalisation du rapprochement entre Essilor et Luxottica, la gouvernance de la société a été modifiée. Ainsi, désormais, Leonardo Del Vecchio est Président Directeur général du groupe, tandis qu'Hubert Sagnières est Vice-Président Directeur général Délégué.  Ainsi, les fonctions de Président du conseil et de Président de la Direction ne sont pas séparées. Notons toutefois que la société indique dans son communiqué du 1er octobre que "Mandat donné d’ici fin janvier 2019 au Comité des Nominations et Rémunérations pour lancer le recrutement d’un « Chief Executive Officer ».". Le princ...

Proxy Report - 24/04/2018

Update on the merger with Luxottica: In January 2017, Luxottica signed a merger agreement with the Essilor. The agreement consisted of two main transactions: (i) Delfin's stake (largest shareholder, controlled by Leonardo Del Vecchio) in Luxottica (61.6%) will be transferred to Essilor in exchange for Essilor shares at an exchange ratio of 0.461 Essilor share for 1 Luxottica share; (ii) a subsequent mandatory exchange offer to be launched by Essilor on the remaining Luxottica's outstanding shares. Following the transaction, Delfin will be the largest shareholder of EssilorLuxottica, with at le...

Jérôme VINERIER

Analyse court terme - ESSILORLUXOTTICA : La tendance est haussière.

La tendance est haussière. Les cours progressent encore, mais la tendance s'affaiblit. La prochaine résistance est à 122,60 €. La rupture de 104,00 € mettrait la tendance en danger.

Jérôme VINERIER

Short term view - ESSILORLUXOTTICA : The trend is bullish.

The trend is bullish. Prices are still making progress but the trend is slowing down. The next resistance is at €122.60. The break of €104.00 would endanger the trend.

Jérôme VINERIER

Short term view - ESSILORLUXOTTICA : Prices recovered.

The trend is uncertain. Prices have recovered but the trend lacks power for the time being. The next resistance is at €129.40.

Jérôme VINERIER

Analyse court terme - ESSILORLUXOTTICA : Les cours se sont repris.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. La prochaine résistance est à 129,40 €.

Valérie GASTALDY

Medium term view - ESSILOR INTERNATIONAL : Prices are still making progress.

The background trend is clearly bullish. Prices are still making progress. The following targets are at €129.55 and €144.70. The trend would be invalidated below the support at €103.56.

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