EssilorLuxottica: Awaiting Clearer Sight; Initiating with Hold

研报英文原文证据摘录

EssilorLuxottica: Awaiting Clearer Sight; Initiating with Hold

Deutsche Bank

Research

Rating Company Date

Hold EssilorLuxottica 12 May 2026

Initiation of Coverage

Europe

France

Reuters Bloomberg Exchange Ticker Price at 8 May 2026 (EUR) 171.40

ESLX.PA EL FP PAR ESLX

Price Target (EUR) 183.00

Healthcare

Medical Technologies ADR ISIN 52-week range (EUR) 320.70171.40-

& Services ESLOY US2972842007

Awaiting Clearer Sight; Initiating with

Valuation & Risks Hold

Falko Friedrichs

Initiating Coverage with a Hold Rating and Target Price of EUR 183 Research Analyst

We are initiating coverage on EssilorLuxottica with a Hold rating following softer- +49-69-910-36270

than-expected Q1 results. Although the stock has de-rated by more than 40% since

Jan Koch, CFA

the end of last year, we see further risks from weakening consumer sentiment, Research Analyst

driven by the conflict in the Middle East. Arguably more important for the +49-69-910-47428

investment case is the emerging competitive threat from companies like Alphabet

Fynn Scherzler

and Apple, who are reportedly planning to launch AI glasses soon. This could

Research Analyst

challenge EssilorLuxottica's leading position in the category, which it has built in

+49-69-910-40764

partnership with Meta. We believe the stock is unlikely to outperform until there is

more clarity on these macroeconomic and competitive overhangs. Sachin Gadilingappa

Research Associate

Forecasts, Valuation & Risks

We are forecasting sales and adjusted EPS CAGRs of 8% and 9% for 2026-30,

respectively, noting that current consensus expectations for adjusted EPS appear Price/price relative

ambitious, sitting 6-10% above our estimates. Our target price of €183 is based on 400

the average of a 23x 2027/28E P/E multiple and a DCF analysis.