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HEALTHCARE: Essilor Luxottica (EFFP: A2 pos/A): Results Preview

HEALTHCARE
Credit BulletsCEEMEAEurozoneFranceBullet

Equity is up 34% since Moody's placed them on Positive in September and up 17% YTD

  • Tie-Up with META for smart glasses seen as opening a new field of consumer wearable tech to rival earbuds, etc
  • EFFP's curve shows a clear example of the CSPP-effect with EFFP 3% 32 trading 16bps wide to the EFFP 0.75 31. Further compounded by the fact that the 31s were a 12yr at launch so would have suited a lot of Insurers vs an 8yr recent deal for the 32s.
  • EFFP curve is inside AZN, GSK, MRK but doesn't have the patent cliff issues of Pharma.
  • Moody's will upgrade if Adj NetDebt/EBITDA remains around 2.0x; RCF/NetDebt above 35%; Margin improves in line with company guidance from 16.5% to 19-20% this won't happen imminently but with equities clearly bullish we would expect A1 before too long
  • Company acquired a Canadian start-up Cellview recently, no terms disclosed. Presumably a small outlay but further deepens expertise in diagnostic capabilities.
Essilor_curve
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Equity is up 34% since Moody's placed them on Positive in September and up 17% YTD

  • Tie-Up with META for smart glasses seen as opening a new field of consumer wearable tech to rival earbuds, etc
  • EFFP's curve shows a clear example of the CSPP-effect with EFFP 3% 32 trading 16bps wide to the EFFP 0.75 31. Further compounded by the fact that the 31s were a 12yr at launch so would have suited a lot of Insurers vs an 8yr recent deal for the 32s.
  • EFFP curve is inside AZN, GSK, MRK but doesn't have the patent cliff issues of Pharma.
  • Moody's will upgrade if Adj NetDebt/EBITDA remains around 2.0x; RCF/NetDebt above 35%; Margin improves in line with company guidance from 16.5% to 19-20% this won't happen imminently but with equities clearly bullish we would expect A1 before too long
  • Company acquired a Canadian start-up Cellview recently, no terms disclosed. Presumably a small outlay but further deepens expertise in diagnostic capabilities.
Essilor_curve