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Moody's Investors Service ("Moody's") has today affirmed the A2 long-term issuer rating of world leading prescription lens and frames maker EssilorLuxottica. Concurrently, Moody's has also affirmed the (P)A2 rating of EssilorLuxottica's senior unsecured MTN program and the A2 senior unsecured rating. "While the acquisition of GrandVision will have a negative impact on EssilorLuxottica's credit metrics, the issuance of equity or equity-like instruments will mitigate the negative effect on its balance sheet, leading us to affirm the rating," said Knut Slatten, Vice President -- Senior Analyst at Moody's and lead analyst for EssilorLuxottica.
On 1 October 2018, Delfin (unrated) contributed its 62% stake in Luxottica to Essilor. The combined entity has been renamed EssilorLuxottica, and is a holding company for Essilor's (100% owned) and Luxottica's (62% owned) respective operational activities. In addition, EssilorLuxottica has initiated a mandatory tender offer -- to be funded with issuance of new shares -- with the view of acquiring outstanding minority shares at Luxottica.
Every investor in Essilor International Société Anonyme (EPA:EI) should be aware of the most powerful shareholder groups. Insiders often own a large chunk of younger, smaller, companies while huge companies Read More...
DALLAS, Sept. 20, 2018 /PRNewswire/ -- Myopia is one of the most prevalent vision issues globally, especially in children. By 2050, it is estimated nearly five billion people will be myopic1 and in the U.S., 42 percent will be myopic by 2020 compared to just 28 percent in 2000.2 Essilor, the leading manufacturer of optical lenses globally, recognizes that myopia is an urgent issue and the prevalence is increasing dramatically worldwide. The Essilor Group has made a global commitment to address this growing issue, with Essilor of America taking a leadership role in addressing myopia in the U.S. through a new campaign targeted at consumers and the eyecare industry.