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1. Company Snapshot

1.a. Company Description

Safilo Group S.p.A. engages in the design, production, wholesale, and retail distribution of products for the eyewear market in North America, Europe, the Asia Pacific, and internationally.Its brand portfolio comprises a set of own branded products, such as optical frames, sunglasses, sports goggles, and helmets, as well as licensed brands,including prescription frames and sunglasses.The company offers its products under own brands comprising Carrera, Polaroid, Safilo, Smith, Blenders Eyewear, and Privé Revaux, as well as Adensco, Chesterfield, Elasta, and Emozioni; and licensed brands, such as Banana Republic, BOSS, Carolina Herrera, Chiara Ferragni, David Beckham, Dsquared2, Fossil, havaianas, HUGO, Isabel Marant, Jimmy Choo, Juicy Couture, Kate Spade, LEVI'S, Liz Claiborne, Marc Jacobs, Missoni, M Missoni, Moschino and Love Moschino, Pierre Cardin, PORTS, rag&bone, Rebecca Minkof, Tommy Hilfiger, Tommy Jeans, Under Armour, and Liz Claiborne brand.


It serves opticians, optometrists, ophthalmologists, distribution chains, department stores, specialized retailers, and licensors' own stores, as well as duty free and sports shops.The company sells its products through a network of independent distributor partners.The company was formerly known as Safilo Holding S.p.A. and changed its name to Safilo Group S.p.A. in September 2005.


Safilo Group S.p.A. was founded in 1878 and is headquartered in Padua, Italy.

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1.b. Last Insights on SFL

Safilo Group S.p.A.'s recent performance was hindered by a slight sales decline, despite showcasing resilience amidst market headwinds. The company's ability to maintain strong margins and progress in sustainability efforts was a notable achievement. However, the decline in sales, coupled with the ongoing challenges in the market, has put pressure on the company's performance. Furthermore, the recent news of a decline in sales has raised concerns about the company's ability to navigate the current market conditions.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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How Recent Developments Are Shaping the Safilo Group Story

Nov -28

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How Recent Developments Are Rewriting the Story for Safilo Group

Nov -11

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Safilo Group Says Price Adjustments and Reducing Reliance on China Bolstered Q3

Nov -04

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Why Analysts Think Safilo Group’s Outlook Is Shifting After Recent Strategic Changes

Oct -28

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Why The Narrative Around Safilo Group Is Shifting After Recent Analyst and Market Updates

Oct -14

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Undiscovered European Gems with Promising Potential August 2025

Aug -04

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Victoria Beckham inks eyewear deal with Safilo

Jul -02

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SAFILO GROUP AND VICTORIA BECKHAM ANNOUNCE A TEN-YEAR GLOBAL LICENSING AGREEMENT FOR EYEWEAR COLLECTIONS

Jul -01

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.85%)

6. Segments

Sunglasses

Expected Growth: 4%

Safilo Group S.p.A.'s 4% growth in sunglasses is driven by increasing demand for premium and luxury eyewear, expansion in emerging markets, and a growing online presence. Additionally, the company's focus on innovative designs, sustainable materials, and strategic partnerships with fashion brands contribute to its growth momentum.

Prescription Frames

Expected Growth: 2%

Safilo Group S.p.A.'s 2% growth in Prescription Frames is driven by increasing demand for stylish, high-quality eyewear, particularly among younger generations. Expanding online presence, strategic partnerships, and innovative product designs also contribute to growth. Furthermore, the rising prevalence of myopia and presbyopia, coupled with an aging population, fuels demand for corrective eyewear.

Other

Expected Growth: 1%

Safilo Group S.p.A.'s 'Other' segment growth is driven by increasing demand for online eyewear, expansion into new markets, and strategic partnerships. The company's focus on digitalization, omnichannel distribution, and product innovation also contribute to its growth.

7. Detailed Products

Eyewear

Safilo Group designs, manufactures and distributes high-quality prescription frames, sunglasses and sports eyewear for men, women and children.

Smith Optics

Safilo Group offers a range of Smith Optics products, including sunglasses, goggles and helmets for outdoor enthusiasts.

Polaroid Eyewear

Safilo Group designs and manufactures Polaroid Eyewear, offering a range of stylish and functional sunglasses and prescription frames.

Licensed Brands

Safilo Group has licensing agreements with top fashion brands, such as Gucci, Prada, and Hugo Boss, to design and manufacture eyewear products.

Private Label

Safilo Group offers private label services, designing and manufacturing eyewear products for retailers and wholesalers.

Ophthalmic Lenses

Safilo Group manufactures and distributes ophthalmic lenses, including single vision, progressive, and photochromic lenses.

8. Safilo Group S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Safilo Group S.p.A. is medium due to the presence of alternative products in the market, such as contact lenses and refractive surgery. However, the high quality and brand reputation of Safilo's products mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low due to the fragmented nature of the eyewear market and the lack of concentration among buyers. Additionally, Safilo's strong brand portfolio and wide distribution network reduce the bargaining power of customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of a few large suppliers of raw materials and components. However, Safilo's long-term relationships with suppliers and its diversified supply chain mitigate this threat.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the eyewear industry, including the need for significant investments in research and development, manufacturing, and marketing.

Intensity Of Rivalry

The intensity of rivalry in the eyewear industry is high due to the presence of several established players, including Luxottica, Essilor, and Zeiss. The industry is highly competitive, with companies competing on factors such as product quality, price, and brand reputation.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 25.27%
Debt Cost 5.58%
Equity Weight 74.73%
Equity Cost 9.62%
WACC 8.60%
Leverage 33.82%

11. Quality Control: Safilo Group S.p.A. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Coltene

A-Score: 4.7/10

Value: 3.9

Growth: 2.7

Quality: 5.6

Yield: 8.1

Momentum: 2.0

Volatility: 5.7

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Safilo

A-Score: 4.6/10

Value: 6.9

Growth: 3.7

Quality: 6.3

Yield: 0.0

Momentum: 8.5

Volatility: 2.0

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A-Score: 3.8/10

Value: 3.0

Growth: 3.9

Quality: 5.2

Yield: 1.2

Momentum: 6.0

Volatility: 3.3

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SKAN

A-Score: 3.6/10

Value: 0.6

Growth: 7.8

Quality: 5.8

Yield: 0.6

Momentum: 1.0

Volatility: 6.0

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Biotage

A-Score: 3.4/10

Value: 1.3

Growth: 6.3

Quality: 7.0

Yield: 1.2

Momentum: 1.0

Volatility: 3.7

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Tobii Dynavox

A-Score: 2.6/10

Value: 0.2

Growth: 5.2

Quality: 4.2

Yield: 0.0

Momentum: 4.0

Volatility: 2.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.89$

Current Price

1.89$

Potential

-0.00%

Expected Cash-Flows