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Luxottica - Company Report, 2014

Ibovespa Sao Paulo Stock Exchange

  • January 2014
  • 24 pages

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  • Table of Contents
  • Tables & Figures
  • Geographic Coverage

    World  

    North America  

    Europe  

  • Type of data

    Company Financials  

    Forecast  

    Company  

  • IBOVESPA Sao Paulo Stock Exchange 1
  • LUXOTTICA GROUP S.p.A. 1
  • Price target: Price, 1ST February 2012: Upside: Recommendation 1
  • Highlights 1
  • Market Data 1
  • Relative Performance vs 1
  • Investment Summary 2
  • Company Overview 3
  • Business Units 3
  • Company Strategy 3
  • Industry Overview 4
  • Competitive Positioning 5
  • Sales 6
  • Margins 6
  • Financial Structure 6
  • Valuation 6
  • Strategic Risks 9
  • Risk Analysis 9
  • Operating Risks 10
  • Appendix 7: License Expiration Date 14
  • Appendix 8: Industry Overview 14
  • Appendix 9: SWOT Analysis 15
  • Appendix 10: Debt Situation 15
  • Appendix 11: DFCF's Assumptions 16
  • Terminal Value 16
  • WACC Computation 16
  • Appendix 12: Multiple Samples 18
  • Appendix 15: Corporate Governance and Social Responsibility 21
  • Corporate Governance and CSR Indices 22
  • Appendix 16: Technical Analysis 23
  • Net Financial Position is expected to improve. After a peak in Net Debt during
  • 2007 1
  • Figure 1: Relative Performances LUX-FTSE MIB-S&P 500 1
  • COACH LICENSE 2
  • Figure 2: Net Sales by Business Units 3
  • Figure 3: Net Sales by Geographical Units 3
  • Rest Of The World Europe North America 3
  • Figure 5: Company's Stores 2011 4
  • Figure 6: Stores Location 2011 4
  • Figure 4: Retail And Wholesale 4
  • Figure 7: Industry Geographical Exposure 5
  • Figure 9: Historical Acquisitions 5
  • Figure 8: Qualitative Analysis 5
  • Figure 10: Relative Performances LUX-SFL-MCL 5
  • Figure 11: Quarter Net Sales Seasonality 6
  • Financial Analysis 6
  • Figure 13: Net Debt/EBITDA Ratio 6
  • Figure 11. Luxottica is planning to increase its presence with new models and
  • new brands such 6
  • Figure 12: Net Sales and EBITDA margin 6
  • Figure 15: Geographical Areas % Contribution to Net Sales, 2007 Total Net Sales
  • Benchmark 7
  • Discounted Free Cash Flow 7
  • Figure 20: Industry Competitors EBITDA Margin 8
  • Figure 17: WACC Summary 8
  • Multiple Analysis 8
  • Figure 21: Global Comparables EBITDA Margin 8
  • Figure 18: Sensitivity Analysis - Terminal Value 8
  • Figure 25: Price Similar Business 9
  • Figure 26: Multiple Analysis Results 9
  • Conclusions 9
  • Figure 24: P/E Ratio 9
  • Figure 22: Luxottica's Ratio 9
  • Figure 27: Luxottica Stock Price Simulations 9
  • Figure 23: EV/EBITDA Ratio 9
  • Corporate Governance and Social Responsibility 10
  • Financial Risks 10
  • Figure 32: Company Shareholders 10
  • Figure 29 represents the results of the sensitivity analysis with respect to
  • adverse levels of 10
  • Appendix 1: Income Statement (€'000) 11
  • Appendix 4: Free Cash Flow Statement - Europe (€'000) 12
  • Appendix 3: Free Cash Flow Statement - North America (€'000) 12
  • Appendix 5: Free Cash Flow Statement - Rest Of The World (€'000) 13
  • Appendix 6: Geographical Revenues (€'000) 13
  • Figure 10A: Debt expiration dates 15
  • Figure 9A: SWOT Analysis 15
  • Figure 11A: Growth Phase 16
  • Figure 11B: Terminal Value Phase 16
  • Sensitivity analysis 17
  • Figure 12A: EV/EBITDA Industry Competitors 18
  • Figure 12B: EV/EBITDA Global Competitors 18
  • Figure 13D: Historical Path - Boundaries of MCS - Probability Distribution 19
  • Figure 13B: Boundaries of MC Simulation 19
  • Appendix 13: Monte Carlo Simulations - Stock Price/FX 19
  • Figure 13A: Luxottica Quantile Probabilities 19
  • Figure 14B: KMV Score Comparison 20
  • Appendix 14: KMV Model 20
  • Figure 14A: KMV Sensitivity Analysis 20
  • Figure 15B: Myopic Population In Millions 21
  • Corporate Social Responsibility 21
  • Figure 15C: AEI ratings 22

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