This is our first report on Cooper Companies, one of the largest producers of contact lenses in the world. The company’s two business lines – CooperVision and CooperSurgical achieved double-digit organic sales growth in the recent results, driven by their Silicone hydrogel portfolio, myopia control solutions for CooperVision, and fertility products for CooperSurgical. The company also reported a quarterly free cash flow of $217 million. Daily silicones are still the primary factor in the contact lens industry’s growth. They also have the widest portfolio on the market with MyDay and clariti, which are available on various spheres, toric, and multifocal lenses. The management announced that in the first quarter of fiscal 2023, they would introduce an enlarged MyDay toric parameter range. With this development, MyDay will effectively equal the top solutions in the FRP toric segment. Furthermore, their joint venture with EssilorLuxottica for SightGlass myopia management glasses is progressing well, and the team keeps moving forward. We initiate coverage on the stock of The Cooper Companies with a ‘Hold’ rating.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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