Essilor: FY12 results in line, Q4 LFL growth a touch above market expectations

BUY, Fair Value EUR80 (+7%)

News published on February Thursday 28, 2013
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Essilor reported this morning 2012 results globally in line with market expectations. 2012 sales came in at EUR4,989m (+19.1% as reported and +5.2% LFL) and met the consensus of EUR4,991m. Q4 LFL sales growth amounted 3.6% and topped consensus (+3.4%e), which is a satisfying performance considering the challenging comparison base (Q4 11: +6.4% vs. +4.5% in 9M). FY12 contribution from operations reached EUR894m (stable margin at 17.9%) and is bang in line with consensus (EUR893.5m). Analysts’ meeting scheduled today at 10am (CET) will have more details on the FY13 outlook.

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