Essilux shares rise in Paris on the back of an S&P rating
The agency has upgraded the group’s long-term credit rating to A+ (from A), with a stable outlook
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(Il Sole 24 Ore Radicor) - Essilorluxottica is up on the Paris Stock Exchange, buoyed by the news that S&P Global Ratings has upgraded the group’s long-term credit rating to A+ (from A), with a stable outlook.
The rating agency welcomed the company’s figures announced last Monday, in particular its strong organic growth, its consistent ability to generate cash and the strength of its balance sheet. S&P also emphasised that the gradual evolution from a consumer-focused company to a global leader in eye care and medical technology “represents a key driver of long-term growth and a defining feature of the group’s financial resilience”.
Last Tuesday, the group announced its revenue figures for the first nine months, which rose by 9 per cent at current exchange rates and by 7.2 per cent at constant exchange rates, to €7,486 million: a figure that exceeded expectations. The messages emerging from the conference call were also positive and encouraging. Furthermore, the outlook for margin growth was reaffirmed. Demand for so-called wearables has also impressed industry experts who, whilst questioning the impact of competition (Google’s smart glasses are expected to hit the market shortly), are aware of the group’s competitive advantage. So much so that, within a few trading sessions, the shares began to rise, recording an overall gain of 30 euros per share, or 20 per cent. In recent days, Equita has confirmed its ‘Buy’ recommendation with a target price of 223 euros.
