The risky bet of Afflelou in Stock – Challenges.fr

has been Announced for months, or even years, the project of ipo of optician Afflelou taking shape. The basic document has been recorded yesterday at the AMF, which must then issue a visa on the future prospectus. The group hopes to be able to take advantage of a “window” by the end of the year. “If the situation is not good we différerons the project” has just stated Frédéric Lice, the CEO. This project provides, in a first step, to issue new shares, in the form of a capital increase, to approximately ” 200 million euros “. The majority shareholders in the current fund, the british Lion Capital, the Caisse de dépôt et placement du Québec and Apax should then sell a portion of their shares on the secondary market, but for an amount not yet specified. In total, the free float is expected to represent between 40% and 50% of the units in the future.

The group advocates the idea that the reservoirs of growth are still very important in this sector. It highlights, in particular to the factors of population growth and the aging of the population, the white areas in Spain and even in France where the supply of optics is still very low, the target acquisition numerous via the 8.000 independent, which are all future franchisees Afflelou, under equipment chronicle of the French aid device to the hearing. Frédéric Poux also insists on the specific assets of the ” model Afflelou “. Starting with its reputation. “We have an aided awareness as high as that of Coca Cola in France “, avance-t-il. Afflelou it is also a double positioning which allows him to be present as well in the premium segment with a series of services (payment facility, 2^nd free pair, lifetime warranty) on the discount which “the average basket is lower than 30% of the market,” insists Frédéric Lice. The group’s fundamentals are currently strong. The sales network has registered a growth of 7.6% on last year to 693 million euros), while the group was 346 million in revenue for a profit of 66 million.

Accelerate supply discount

however, in spite of its internationalization recent, Afflelou is still very much dependent on the French market, which accounts for 74% of the turnover of the group. However, the number three behind Optic 2000 and Krys must face on its historical market in fierce competition in a market still very fragmented. In addition, the recent surge of brands low cost as Glasses for all, Meaningful or even Polette forcing it to accelerate its offer discount. The French market is particularly subject to new paradigms for the application of the 1^st of April last of the law Hamon which provides for a cap on repayments of frames and sunglasses, and above all support for one year on two charges optical. “We estimate a 15% drop in the market in the next three years “, calculates Jean-Pierre Champion, the boss of Krys. A figure that Frédéric Lice guard well to comment. “For the time being, we have found no decline “, note it only. Six months after the application of the law it is still a little early to reassure himself.