2Q26 PREVIEW

研报英文原文证据摘录

2Q26 PREVIEW

Global Research

2 July 2026ab

EssilorLuxottica Equities

FranceQ2 preview: Answering Critical Questions for

2026 and Beyond Retailers, Specialty

12-month rating Buy

12m price target €278.00Demonstrating that the growth trajectory remains intact

Prior : €312.00

The share price showed only a muted reaction to the Google’s underwhelming smart

glasses presentation and delays to Apple’s product launches. The key issue remains Price (30 Jun 2026) €164.05

whether the long-term growth outlook for smart glasses has materially shifted. In this RIC: ESLX.PA BBG: EL FP

context, Q2 could serve as a meaningful catalyst, potentially demonstrating that a

double-digit growth trajectory into FY26 is still achievable, even with the launch of more Trading data and key metrics

affordable Meta glasses. We believe this is the case. Our view is supported by the latest 52-wk range €320.70-163.50

UBS Evidence Lab survey, which indicates that demand for smart glasses remains strong Market cap. €75.5b/US$86.2b

with only limited cannibalisation of traditional eyewear. With competitive intensity still Shares o/s 460m (ORD)

relatively low, ESLX appears well positioned to capture this demand through its next- Free float 57%

generation smart glasses, which also seem less dilutive to gross margins than the first Avg. daily volume ('000) 739

iteration. With consensus expectations now reset at lower levels and the share price Avg. daily value (m) €133.5

trading at around a 15% discount to our estimated fair value for the core business, Common s/h equity (12/26E) €40.0b

effectively attributing no value to the smart glasses opportunity, we see scope for a re- P/BV (12/26E) 1.9x

rating, particularly given the stock’s YTD underperformance. Reiterate Buy. Net debt to EBITDA (12/26E) 1.4x