Kering is engaged in the retail industry, particularly luxury fashion brands. Co.'s operations can be divided into two segments: Luxury and Sport & Lifestyle divisions. The Luxury division includes brands such as Gucci, Bottega Veneta, Yves Saint Laurent, Balenciaga, Boucheron, Sergio Rossi, Alexander McQueen, Girard-Perregaux & JeanRichard, & Stella McCartney. In addition, Co. offers Leather Goods, Shoes, Ready-to-wear, Watches, and Jewelry & Other products. The Sport & Lifestyle division designs & develops footwear, apparel & accessories and includes brands like Puma, Volcom and Electric among others.
  • TickerKER
  • ISINFR0000121485
  • ExchangeEuronext Paris
  • SectorGeneral Retailers
  • CountryFrance
Expert Corporate Governance Service (ECGS)

Kering – AGM 16 June 2020

Updates: Press release of 10/4/20 (): - François-Henri Pinault gives up 25% of his 2020 fixed salary - François-Henri Pinault and Jean-François Palus waive their entire 2020 bonus. Amendment of the URD: - Dividend reduced from €11.5 to €8 per share ITEM 10: Although the company proposes an improvement in its compensation policy for 2020, a change that justifies our support of resolution 13, the fact remains that the executive compensation policy includes several negative points (see resolution 13) and that this policy, overall, does not satisfy us. If resolution 10 is defeated, the Comp...

Jérôme VINERIER

Short term view - KERING : The background trend is clearly bearish.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €428.20. The next target is at €335.18, then €324.33. Passing €469.50 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - KERING : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 428,20 € prochainement. Le prochain objectif est à 335,18 €, puis 324,33 €. Le franchissement de 469,50 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Analyse court terme - KERING : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 335,18 €. La tendance baissière serait remise en cause au-dessus de 469,50 €.

Jérôme VINERIER

Short term view - KERING : Falling prices.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €335.18. The bearish trend would be challenged above €469.50.

Valérie GASTALDY

Analyse moyen terme - KERING : La tendance est haussière.

La tendance est haussière. La baisse récente gagne en vigueur. Le prochain support est à 393,97 €. La tendance serait remise en cause par la rupture de 337,35 €.

Loic Morvan

KERING: Q1 almost in line with initial expectations, but Gucci slightly disappointing | BUY | EUR560(+10%)

KERING - BUY | EUR560(+10%) Q1 almost in line with initial expectations, but Gucci slightly disappointing Q1 Kering sales down 16.4% Further deterioration expected in Q2 220bp EBIT margin decline expected on FY20 Dividend cut 30% vs initial proposal

Jean Danjou

Kering : No miracles in Q1, Q2 will be worse pending the recovery

>Q1 2020 revenue slightly shy of the guidance issued - Q1 organic revenue growth came in at -16.4% (-15.4% in reported terms), just below the guidance issued in March (-15% l-f-l, -13%/-14% reported) but does not really come as a surprise given the context in the latter portion of March (closure of stores outside China and some countries in Asia, closure of logistics centres in Italy). We now know that Q2 will be much worse (stores closures in Europe and in the US for...

Research Department

KERING: VENTAS 1T’20 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'20 vs 1T'19: Ventas: 3.203 M euros (-15,4% vs -13,5% BS(e) y -13,7% consenso); Ventas 1T’20 ligeramente peores con una caída del LfL del -16% frente a las indicaciones de Kering (20-marzo) de -14%/-15%). Esto se ha producido por un deterioro significativo de la situación desde mediados de marzo dadas las medidas de confinamiento en Europa y EE.UU. (~52% ventas de KER) y por el cierre de fábricas en Italia desde entonces. Por marcas, Gucci (~59% ventas), ha sufrido una caída muy superior (-22% LfL vs -16% BS(e)), por su mayor exposición al consumidor asiático (>37% de sus ventas) y al...

Jean Danjou

Kering : Pas de miracle au T1, le T2 sera pire en attendant le redémarrage

>Ventes T1 2020 légèrement en dessous des indications communiquées - La croissance organique des ventes au T1 ressort à -16.4% (-15.4% en données publiées), c’est un peu en dessous de la guidance communiquée par le groupe en mars (-15% comparable, -13%/-14% en publié) mais cela ne surprend pas vraiment au vu du contexte sur la dernière partie de mars (fermetures de boutiques hors Chine et certains pays d’Asie, fermetures des centres logistiques en Italie). On sait d’o...

Research Department

INFORME DIARIO 22 ABRIL (ANÁLISIS BANCO SABADELL)

El petróleo pasa factura El nuevo desplome en los precios del petróleo (Brent –26%) arrastró a las principales bolsas europeas, que terminaron con cesiones por encima del -3%. En el Euro STOXX todos los sectores terminaron en rojo, siendo Tecnología y Construcción los peores mientras que Farma y Viajes&Ocio presentaron las menores caídas. Por el lado macro, en R. Unido la tasa de paro ILO de febrero repuntó hasta el 4,0%. En Alemania el ZEW de abril repuntó inesperadamente hasta terreno positivo en su componente de expectativas mientras que el de situación actual se hundió más de lo previsto. ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 04/12/2019 - Ageas - EN

Ageas (O/P): New RT1 (restricted tier one) issue Chubb: Issued Two Bonds In Euros (5Y and 10Y) Repsol (O/P): Impairment Charge Of €4.8bn, But Improves Its ESG Positioning Exor (O/P): Acquisition of 43.78% In GEDI For €102.5m High Yield: We Initiate An Outperform Recommendation (+) On International Design Group Orange (O/P On Hybrid Bonds): Sale of 1.500 Non-Strategic Towers To Cellnex (O/P) Glencore (M/P): Revises Its Outlook For 2019 Atlantia (M/P): Moody's Lowers Its Rating One Notch To Ba1, The Outlook Is Negative Ita...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Jean Danjou
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/22/2020

The rise in share prices from the low points raises questions. The arguments in favour, an unprecedented response from states and central banks, the probable reaching of the pandemic peak and the beginning of the lifting of lockdown measures, are known. But a slew of unknown elements (the profits mass post-normalisation, possible epidemic rebound) persist and the macro low point has not yet been reached. A modelling of the time to reach the trough carried out on the last 5 bear marke...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Jean Danjou
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/04/2020

La progression des cours depuis les points bas pose question. Les arguments favorables, réponse sans précédent des états et des banques centrales, atteinte probable du pic épidémique et début du déconfinement, sont connus. Mais nombre d’inconnues (masse des profits post normalisation, absence de rebond épidémique) restent entières et le point bas macro n’a pas encore été atteint. Une modélisation du délai d’atteinte du point bas réalisée sur les 5 derniers bear market, qui aboutit à u...

Antoine Boivin-Champeaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Jean Danjou
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/09/2020

...

Antoine Boivin-Champeaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Jean Danjou
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/04/2020

Les utilities couvrent des besoins fondamentaux, mais ne sont pas immunes à la crise sanitaire. Plusieurs groupes (Encavis, Verbund, Neoen, Suez, Engie et Veolia) l’ont d’ores et déjà intégrée dans leurs guidances ou les ont suspendues. D’autres (Fortum et Naturgy) n’ont pas communiqué à ce stade. Enfin, les derniers (E.ON, EDF, Iberdrola, Enel, RWE, Nordex et Voltalia) ont confirmé leur trajectoire 2020. Ainsi nos révisions d’estimations impactent un nombre limité de valeurs (EDF, Fo...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Jean Sassus
  • Jean-François Granjon
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/30/2020

While the direct impact of COVID-19 is likely to be relatively limited, the consequences of the financial crisis will be more significant (lower equity markets, losses on fixed-income products). But solvency margins are set to remain robust. The sell-off in the sector (-29% YTD) looks overdone and we have upgraded our ratings on Allianz and Scor. We have cut our rating to Reduce vs Neutral on Hannover Re on valuation grounds (sizeable premium to the rest of the sector). AXA remains ou...

KERING sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of KERING (FR), active in the Clothing & Accessories industry. As regards its fundamental valuation, the title now shows 3 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date January 24, 2020, the closing price was EUR 573.30 and its target price was estimated at EUR 496.60.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Kering – AGM 16 June 2020

Updates: Press release of 10/4/20 (): - François-Henri Pinault gives up 25% of his 2020 fixed salary - François-Henri Pinault and Jean-François Palus waive their entire 2020 bonus. Amendment of the URD: - Dividend reduced from €11.5 to €8 per share ITEM 10: Although the company proposes an improvement in its compensation policy for 2020, a change that justifies our support of resolution 13, the fact remains that the executive compensation policy includes several negative points (see resolution 13) and that this policy, overall, does not satisfy us. If resolution 10 is defeated, the Comp...

Expert Corporate Governance Service (ECGS)

Kering - AGM 16 June 2020

ITEM 10: Although the company proposes an improvement in its compensation policy  for 2020, a change that justifies our support of resolution 13, the fact remains that the executive compensation policy includes several negative points (see resolution 13) and that this policy, overall, does not satisfy us. If resolution 10 is defeated, the Company will be obliged to propose a new policy and suspend the payment of directors' fees. Since we believe that the compensation policy must be thoroughly reviewed, we therefore recommend the rejection of this resolution in order for the Board to propose a ...

Jehanne Leroy

Kering - Assemblée Générale 16 Juin 2020

AG reportée au 16/06/2020 : Rémunérations La transparence de la société sur ses rémunérations attribuées est appréciable, puisqu'elle permet de bien comprendre les montants attribués. Toutefois, les montants demeurent excessifs. Par ailleurs, si les changements de modalités d'acquisition de la rémunération long-terme sont appréciables, il n'en demeure pas moins que permettre l'acquisition de 50% des droits si seule 1 des conditions de performance progresse n'est pas en ligne avec les pratiques du CAC et n'est pas acceptable. Par ailleurs, bien que la société propose une amélioration de s...

Expert Corporate Governance Service (ECGS)

Kering - AGM 24 April 2019

It should first be noted that the Company achieved excellent results in 2018, driven in particular by the strong growth of the luxury goods market. As in the previous year, ECGS notes a lack of counter-power within the company: we note the cumulation of the functions of Chairman of the Board of Directors and Chief Executive Officer, as well as the absence of generalized executive sessions. Also, we note that the presence of three censors, exercising each of the management functions within the Kering Group, undermines the effectiveness of the control of the action of the leaders of the compan...

Kering – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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