EssilorLuxottica: Q2 Preview: The Last Easy Comp

研报英文原文证据摘录

EssilorLuxottica: Q2 Preview: The Last Easy Comp

Deutsche Bank

Research

Rating Company Date

Hold EssilorLuxottica 24 June 2026

Forecast Change

Europe

France

Reuters Bloomberg Exchange Ticker Price at 22 Jun 2026 (EUR) 168.50

ESLX.PA EL FP PAR ESLX

Price Target (EUR) 181.00

Healthcare & Medical

Devices ADR ISIN 52-week range (EUR) 320.70165.90-

ESLOY US2972842007

Medical Devices

Q2 Preview: The Last Easy Comp

Valuation & Risks

Falko Friedrichs

Takeaway Summary Research Analyst

For Q2, we expect 9.5% constant currency sales growth, with similar performance +49-69-910-36270

across both operating segments, as the company laps a final quarter of relatively

Jan Koch, CFA

easy comparables before they become much more demanding in the second half Research Analyst

of the year. Furthermore, we forecast a flattish adjusted EBIT, implying a margin of +49-69-910-47428

16.9%, as we expect strong top-line growth to be offset by significant foreign

Fynn Scherzler

exchange headwinds. Overall, we maintain our cautious stance on the investment

Research Analyst

case, noting that our sales and adjusted EPS estimates for 2026 remain 1% and 3%

+49-69-910-40764

below consensus, respectively, with a larger gap in the outer years. We believe

consensus expectations need to be rebased before we can potentially turn more Sachin Gadilingappa

positive on the stock. Research Associate

We have slightly reduced our sales and adjusted EPS estimates by 1% for 2026 and

Key changes

the outer years. Consequently, our price target is lowered to €181 (from €183). We

183.00 to

value EssilorLuxottica based on an average of our target 2027/28E P/E multiple of TP ↓ -1.1%

181.00

23x and DCF valuations. Key upside and downside risks to our view include the

DB EPS (EUR) 7.15 to 7.08 ↓ -1.1%