Christopher Swasbrook, Managing Director, Elevation Capital Management, will present his investment thesis on Luxottica at Best Ideas 2017, to be held online on January 10-11. Here’s a snapshot of the investment thesis:
LUXOTTICA (NYSE: LUX) is the undisputed leader in a structurally growing industry. Opportunities exist to increase market penetration while socio-economic drivers favor long-term growth. Qualitative factors such as the ongoing optimization of the company’s vertical integration strategy and execution of growth initiatives provide headroom in this regard. Softness within the eyewear market may create volatile operating conditions in near term. However, the business can endure short-term uncertainty and thrive in the long run. The active involvement of Del Vecchio since 2014 is a plus for the company and the other 33.5% of shareholders; concerns around succession planning should be viewed as short-term “noise”. Luxottica recently trades at €50 per share, with an EV/EBITDA multiple of 13x.
Want to experience the in-depth presentation and ask the instructor questions about the company? Secure your seat.
Chris is Managing Director and Portfolio Manager of Elevation Capital Management Limited a global investment manager based in Auckland, New Zealand. He was previously a Partner of Goldman Sachs JBWere Pty Limited and Co-Head of Institutional Equities at Goldman Sachs JBWere (NZ) Limited. Chris is a member of the NZX Listing Sub-Committee and a member of the NZ Markets Disciplinary Tribunal. He is also a Director of NZX listed – Mowbray Collectables Limited. Chris graduated from The University of Auckland with a BCom (Economics) in 1995.