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Essilorluxottica EL

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Morningstar’s Analysis

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

Jelena Sokolova, CFA Senior Equity Analyst

Analyst Note

| Jelena Sokolova, CFA |

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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Company Profile

Business Description

EssilorLuxottica is a combination of the leading manufacturer of premium frames and sunglasses and the leading manufacturer of optical lenses. Both companies are significantly larger than the next biggest player in their respective fields and command around 15% of the fragmented global eyewear market. The combined company has a broad geographical presence, with around 24% of sales in Europe, 53% in the North America, and the rest in Asia and Latin America.

1-5, Rue Paul Cezanne
Paris, 75008, France
Sector Healthcare
Industry Medical Instruments & Supplies
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 144,512