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Essilorluxottica

EL: XPAR (FRA)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€324.00	Sfwz	Qzsggnv

Essilorluxottica's Revenue Improves Strongly, Driven by U.S. Market; Organization More Streamlined

Jelena Sokolova

Jul 30, 2021

We are expecting to increase our full-year assumptions for wide-moat Essilorluxottica slightly, as the company reported a strong rebound in revenue and profits in the first half of the year from a slump in 2020. This will not result in a material change to our fair value estimate. The company is now forecasting a mid-single-digit percentage sales increase over 2019 levels and margin expansion (excluding Grandvision, consolidated from the second semester) versus our forecast of 1.4% growth and 40 basis points of margin expansion.

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