Independent equity research
Is EssilorLuxottica (EL.PA) a Buy, Hold or Sell?
EssilorLuxottica — our independent, AI-built valuation and rating, in brief.
BUY (accumulate)
12-mo fair value
€189.10
To fair value
+29%
By · report dated 2026-09-02 · fair value derived independently of the market price.
The thesis, in brief
The market has cut EUR 57bn from EssilorLuxottica to reprice a smart-glasses option worth about 7% of revenue, marking down a lens-and-retail annuity that grew 9.7% with rising margins; we are wrong if the cash conversion cycle stays past 90 days or adjusted operating margin falls in the second half of 2026
How we value it
We value EssilorLuxottica using Free-cash-flow DCF (50%) blended with 2027E EV/EBITDA and P/E against six cross-border eyecare peers. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full EssilorLuxottica report
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