Financials EssilorLuxottica

Equities

EL

FR0000121667

Medical Equipment, Supplies & Distribution

Market Closed - Euronext Paris Other stock markets 11:35:17 2024-04-26 EDT			5-day change	1st Jan Change
203.3 ^EUR	+0.84%		0.00%	+11.95%

04-22	White Pearl Technology Group Bags Digital Marketing Contract from EssilorLuxottica	MT
04-19	ESSILORLUXOTTICA : No major surprises in the Q1

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	58,784	55,649	82,608	75,236	81,962	91,912	-	-
Enterprise Value (EV) ¹	63,363	58,624	92,306	82,299	87,821	97,754	95,846	95,352
P/E ratio	55.7 x	671 x	57.1 x	35 x	35.7 x	34.2 x	30 x	27.1 x
Yield	1.64%	0.9%	1.34%	1.91%	2.18%	1.98%	2.17%	2.41%
Capitalization / Revenue	3.38 x	3.86 x	4.17 x	3.07 x	3.23 x	3.44 x	3.25 x	3.08 x
EV / Revenue	3.64 x	4.06 x	4.66 x	3.36 x	3.46 x	3.66 x	3.39 x	3.19 x
EV / EBITDA	12.8 x	16.7 x	16.8 x	11.6 x	12.3 x	14.1 x	12.8 x	11.9 x
EV / FCF	34.7 x	31.8 x	33.1 x	36.4 x	26.4 x	28 x	24.8 x	21.9 x
FCF Yield	2.88%	3.14%	3.02%	2.75%	3.79%	3.57%	4.04%	4.56%
Price to Book	1.69 x	1.72 x	2.34 x	2.01 x	2.1 x	2.32 x	2.23 x	2.14 x
Nbr of stocks (in thousands)	432,871	436,292	441,185	444,659	451,334	452,098	-	-
Reference price ²	135.8	127.6	187.2	169.2	181.6	203.3	203.3	203.3
Announcement Date	20-03-06	21-03-12	22-03-11	23-02-23	24-02-14	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,390	14,429	19,820	24,494	25,395	26,712	28,280	29,883
EBITDA ¹	4,933	3,510	5,488	7,085	7,150	6,924	7,485	8,027
EBIT ¹	2,812	1,374	3,027	4,115	4,178	4,547	5,058	5,552
Operating Margin	16.17%	9.52%	15.27%	16.8%	16.45%	17.02%	17.89%	18.58%
Earnings before Tax (EBT) ¹	1,534	313	2,200	3,032	3,035	3,918	4,503	5,075
Net income ¹	1,077	85	1,463	2,152	2,289	2,862	3,212	3,624
Net margin	6.19%	0.59%	7.38%	8.79%	9.01%	10.71%	11.36%	12.13%
EPS ²	2.440	0.1900	3.280	4.830	5.080	5.944	6.784	7.516
Free Cash Flow ¹	1,825	1,842	2,792	2,260	3,330	3,485	3,869	4,351
FCF margin	10.49%	12.77%	14.09%	9.23%	13.11%	13.05%	13.68%	14.56%
FCF Conversion (EBITDA)	37%	52.48%	50.87%	31.9%	46.57%	50.34%	51.7%	54.21%
FCF Conversion (Net income)	169.45%	2,167.06%	190.84%	105.02%	145.48%	121.77%	120.46%	120.06%
Dividend per Share ²	2.230	1.150	2.510	3.230	3.950	4.017	4.407	4.894
Announcement Date	20-03-06	21-03-12	22-03-11	23-02-23	24-02-14	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	8,614	6,230	8,199	8,768	5,465	5,587	11,052	5,607	6,387	11,994	6,394	6,106	12,500	6,151	6,700	12,851	6,294	6,250	12,544	6,314	6,950	13,371	6,646	6,597	13,318
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,810	-	-	-	-	-	-	-	-	-
EBIT	1,300	126	1,249	1,622	-	-	1,405	-	-	2,202	-	-	1,913	-	-	2,347	-	-	2,346	-	-	2,495	-	-	2,074
Operating Margin	15.09%	2.02%	15.23%	18.5%	-	-	12.71%	-	-	18.36%	-	-	15.3%	-	-	18.26%	-	-	18.7%	-	-	18.66%	-	-	15.57%
Earnings before Tax (EBT)	-	-460	773	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-412	-	-	-	-	-	-	-	1,174	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-6.61%	-	-	-	-	-	-	-	9.79%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	20-03-06	20-07-31	21-03-12	21-07-30	21-10-29	22-03-11	22-03-11	22-04-22	22-07-29	22-07-29	22-10-21	23-02-23	23-02-23	23-04-20	23-07-25	23-07-25	23-10-19	24-02-14	24-02-14	-	-	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,579	2,975	9,698	7,063	5,859	5,842	3,934	3,440
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.9282 x	0.8476 x	1.767 x	0.9969 x	0.8194 x	0.8438 x	0.5256 x	0.4286 x
Free Cash Flow ¹	1,825	1,842	2,792	2,260	3,330	3,485	3,869	4,351
ROE (net income / shareholders' equity)	5.73%	2.35%	6.11%	7.89%	7.65%	8.33%	8.94%	9.5%
ROA (Net income/ Total Assets)	3.84%	1.5%	3.69%	4.77%	4.87%	5.38%	5.77%	6.03%
Assets ¹	28,059	5,658	39,681	45,138	47,041	53,226	55,659	60,072
Book Value Per Share ²	80.20	74.00	80.20	84.10	86.30	87.70	91.30	95.20
Cash Flow per Share ²	7.480	6.730	10.20	10.70	10.80	12.30	13.10	14.30
Capex ¹	903	650	1,030	1,572	1,531	1,614	1,650	1,694
Capex / Sales	5.19%	4.5%	5.2%	6.42%	6.03%	6.04%	5.84%	5.67%
Announcement Date	20-03-06	21-03-12	22-03-11	23-02-23	24-02-14	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for EssilorLuxottica

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

203.3 EUR

Average target price

205.9 EUR

Spread / Average Target

+1.28%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Glasses, Spectacles & Contact Lenses

	1st Jan change	Capi.
ESSILORLUXOTTICA	+11.95%	98.12B
ALCON INC.	+9.69%	38.82B
THE COOPER COMPANIES, INC.	-6.10%	17.66B
AUTEK CHINA INC.	-20.02%	2.24B
WARBY PARKER INC.	-8.37%	1.54B
PEGAVISION CORPORATION	+29.63%	1.23B
MINGYUE OPTICAL LENS CO.,LTD.	-35.62%	747M
MENICON CO., LTD.	-35.36%	735M
UNIVERSAL VISION BIOTECHNOLOGY CO., LTD.	-13.36%	623M
VIZIONFOCUS INC.	+24.04%	494M

Glasses, Spectacles & Contact Lenses