EssilorLuxottica (ESLOY) launched a new buyback program on Friday, authorizing an investment-services provider to purchase up to five million shares as market conditions permit, with its US-listed shares priced at $93.665. The buyback represents about 1.1% of the company's roughly 456 million shares outstanding, based on a recent disclosure that 957,954 newly issued shares equaled 0.21% of capital. At the current price, the stock trades 31.75% below its $137.24 GF Value estimate, implying about 46.5% potential upside. The program's impact on shareholders depends on whether repurchased shares are used for employee awards, which merely offset dilution, or canceled, which would permanently increase existing investors' ownership stakes.
EssilorLuxottica S. A.Launches five-million-share buyback, potentially increasing shareholder value if shares are canceled.
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