爱尔康要实现下半年加速增长需要发生什么？

17 June 2025European Consumer Medical TechnologiesAlcon IncRatingOutperformPrice TargetALC.SW91.20 CHFALC109.00 USDSusannah Ludwig+41 582 723 127susannah.ludwig@bernsteinsg.comRichard Hombach+44 207 762 1858richard.hombach@bernsteinsg.comLisa Bedell Clive+44 207 676 7256lisa.clive@bernsteinsg.comDelphine Le Louet+33 1 42 13 92 93delphine.le-louet@bernsteinsg.comAdjusted EPSF24AF25EF26EALC.SW (USD)3.053.103.70ALC (USD)3.053.103.70FinancialsF24AF25EF26ECAGROperating Earnings (M)1,4131,5091,72010.3%Net Earnings (M)1,5151,5491,84610.4%Adj. Operating Margin (%)20.520.421.8--ROIC (%)5.25.05.9--LC Sales Growth (%)6.06.08.6--Net Debt/EBITDA (x)1.340.810.25(57.2)%Valuation MetricsF24AF25EF26EAdjusted P/E (x)28.227.723.2PEG Adjusted (x)2.515.31.2EV/Sales (x)5.85.55.0EV/EBIT (x)40.738.133.4Div Yield (%)0.30.40.4Source: Bloomberg, Bernstein estimates and analysis.Alcon: What needs to happen for Alcon to deliver on the H2acceleration?Over the past month, we have had significant interest in Alcon fr