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Luxottica Group SpA : In horizontal mouvement

04/19/2012 | 08:28am
Opinion : Check out the trading range breakout EUR 25.9/ EUR 27.5
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Luxottica is luxury Italian brand specialized in design, manufacture, distribute of eyeglass frames and sunglasses. Products are sold under its own brands as Ray ban, Oakley and Persol and under licenses, especially Giorgio Armani, Chanel and Moschino. The share is listed both on Milan stock exchange and New York stock exchange.

The full year report 2011 showed interesting numbers. In fact company’s revenues rose more than 7% against one year previous, to $6.2 milliard, with net income up 12% to $452 million. The largest market remains North America with 58% of revenues, and then Europe (20%) and Asia (12.5%). Thomson Reuters’ consensus has recently revised upward the earnings per share estimates for 2012 and 2013 financial years.

The share during 2011 outperformed FTSE MIB 30 (Italian Index composed by the 30 largest companies in the country), underlining the defensive character of luxury sector. The same dynamic is persisted in 2012, when the share gained more than 20% while the Italian index remains almost stable. Since February the share is trading in neutral range with consolidation horizontal phase. We suggest to give attention the breakout of this range and could lead the share to historical highest near to EUR 30.

Luxottica Group SpA : Luxottica Group SpA : In horizontal mouvement

© 2012

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Financial Ratios

Size 2015e 2016e
Capitalization 28 403 M€ -
Entreprise Value (EV) 29 226 M€ 28 850 M€
Valuation 2015e 2016e
PER (Price / EPS) 33,1x 29,2x
Capitalization / Revenue 3,18x 2,96x
EV / Revenue 3,27x 3,01x
EV / EBITDA 15,9x 14,0x
Yield (DPS / Price) 1,62% 1,80%
Price to book (Price / BVPS) 5,54x 5,02x
Profitability 2015e 2016e
Operating Margin (EBIT / Sales) 16,0% 16,8%
operating Leverage (Delta EBIT / Delta Sales) 1,29x 1,68x
Net Margin (Net Profit / Revenue) 9,59% 10,1%
ROA (Net Profit / Asset) 6,88% 6,73%
ROE (Net Profit / Equities) 17,4% 18,3%
Rate of Dividend 53,6% 52,5%
Balance Sheet Analysis 2015e 2016e
CAPEX / Sales   4,78% 4,82%
Cash Flow / Sales (Taux d'autofinancement) 14,4% 14,3%
Capital Intensity (Assets / Sales) 1,39x 1,49x
Financial Leverage (Net Debt / EBITDA) 0,45x 0,22x
Income Statement Evolution
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EPS Revisions
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