Vision products companies are consolidating their position in the market with acquisitions of digital software and expansion into emerging markets.
Since mid-2012, Brocair’s international index of publicly-traded vision products companies has been outperforming the S&P 500 index. It has risen 130% compared to a 70% increase in the S&P 500 index. However, our Vision Products index excludes Essilor and Luxottica. Stock performances of these two eyewear giants have been unsatisfying, mainly due to their slowing retail sales, and their impending merger has also had a significant effect.
Median public company multiples are 2.7x revenue, and 13.9x EBITDA. For transactions over the past three years, median revenue multiples are tracking at .5x
and median EBITDA multiples are 15.3x.