Essilorluxottica
EL: XPAR (FRA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€671.00 | Nvf | Kzhfjyb |
EssilorLuxottica Delivers Synergies That Boost Profits As Demand in North America Weakens
We are maintaining our fair value estimate for wide-moat EssilorLuxottica as the company reported solid growth and margin expansion in the first half of the year. Revenue was up 9.1% on a comparable basis in the first half (7% in the second quarter), versus our 8.8% full-year assumptions. Adjusted operating margin expanded by 100 basis points versus pro forma first-half 2021 and reached an 18.4% level (our full-year assumptions call for 17.2% (110-basis-point expansion).