Essilorluxottica

EL: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€445.13	Ldzr	Fhbtlcqv

Essilorluxottica's Growth Slows in Q4 and Margin Progression Weakens in 2H; Shares Slightly Rich

Jelena Sokolova

Feb 23, 2023

We are maintaining our fair value estimate for wide-moat Essilorluxottica as the company reported full-year results largely in line with our estimates. Revenue came in 2% higher than our estimates, but operating profit was bang in line as adjusted profitability progression was a bit slower than expected (16.8%, up 70 basis points from 2021 and lower than our 17.2% estimate). Shares look slightly overvalued at current levels.

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