Opinions
David Driscoll
Essilor International
EI-FP
PAST TOP PICK
Nov 08, 2013
N/A
Stock price when the opinion was issued
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TOP PICK
(Paris Exchange) Manufacturer of eyeglass lenses. Expanding into South America and Africa as per capita income is rising, people can now afford reading glasses. Same-store sales were up about 15% and revenues were up about 25% because of the acquisitions they’ve made. Stock is trading at about 21-25 times earnings but they are growing at that rate now.
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COMMENT
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China will have high demand. Prescriptions plus fashion statement. Merger with Luxottica makes it an elephant with no competition, so they can control price, earnings will pop and revenue will grow. Still moves to make in China, Latin America, and Africa/Middle East. NA and Europe are covered, but still room for growth. Owns and continues to buy.
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(A Top Pick Sept 14/12. Up 5.33%.) Has been coming down recently because they have been making acquisitions. Still likes it as they are the only game in town as far as lenses are concerned. Good long-term hold.