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
Jean Danjou

Kering : Decent interim results in the circumstances, Gucci relative performance down nonetheless

>Q2 sales and H1 2020 results moderately beat the consensus, margins showed very decent resilience - Organic growth in sales in the end came to -44% (cf. tables below), which was better than our generally conservative estimate (-50%) and even slightly better than the consensus (-47%). Like the industry as a whole, the group benefited from the good trend in local consumption in China, which partly cushioned the effect of the lockdowns everywhere else (retail sales in C...

Christian Guyot ...
  • Ludovic Martin

INVEST SECURITIES - KERING : Plus résilient que LVMH à la pandémie ? - NEUTRE, OC 455€ (vs 460€)

Arancha Pineiro

KERING: RDOS. 1S’20 (ANÁLISIS BANCO SABADELL)

Rdos. 2T'20 vs 2T'19: Ventas: 2.175 M euros (-43,6% vs -41,4% BS(e) y -47,6% consenso); Rdos. 1S'20 vs 1S'19: Ventas: 5.378 M euros (-29,6% vs -28,5% BS(e) y -31,6% consenso); EBIT: 952,4 M euros (-57,7% vs -55,2% BS(e) y -61,6% consenso); BDI: 272,6 M euros (-82,5% vs -67,0% BS(e) y n/a consenso); Ventas 2T’20 mejores de lo esperado con una caída del LfLs del -44% (vs -48% BS(e) y consenso y -16% en 1T’20) por el impacto del Covid-19 en Europa y EE.UU. (~49% ventas). Destacar positivamente el comportamiento de Gucci (~57% ventas), que registra una evolución mejor de lo previsto con un LfL en...

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 €.

Jean Danjou

Kering : Decent interim results in the circumstances, Gucci relative performance down nonetheless

>Q2 sales and H1 2020 results moderately beat the consensus, margins showed very decent resilience - Organic growth in sales in the end came to -44% (cf. tables below), which was better than our generally conservative estimate (-50%) and even slightly better than the consensus (-47%). Like the industry as a whole, the group benefited from the good trend in local consumption in China, which partly cushioned the effect of the lockdowns everywhere else (retail sales in C...

Christian Guyot ...
  • Ludovic Martin

INVEST SECURITIES - KERING : Plus résilient que LVMH à la pandémie ? - NEUTRE, OC 455€ (vs 460€)

Arancha Pineiro

KERING: RDOS. 1S’20 (ANÁLISIS BANCO SABADELL)

Rdos. 2T'20 vs 2T'19: Ventas: 2.175 M euros (-43,6% vs -41,4% BS(e) y -47,6% consenso); Rdos. 1S'20 vs 1S'19: Ventas: 5.378 M euros (-29,6% vs -28,5% BS(e) y -31,6% consenso); EBIT: 952,4 M euros (-57,7% vs -55,2% BS(e) y -61,6% consenso); BDI: 272,6 M euros (-82,5% vs -67,0% BS(e) y n/a consenso); Ventas 2T’20 mejores de lo esperado con una caída del LfLs del -44% (vs -48% BS(e) y consenso y -16% en 1T’20) por el impacto del Covid-19 en Europa y EE.UU. (~49% ventas). Destacar positivamente el comportamiento de Gucci (~57% ventas), que registra una evolución mejor de lo previsto con un LfL en...

Research Department

INFORME DIARIO 29 JULIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, AEDAS, AENA, CELLNEX, IBERPAPEL, SANTANDER, VOCENTO. EUROPA: AIR LIQUIDE, AXA, INTESA, KERING, PREVIOS SEMANA PRÓXIMA, SANOFI Europa se estabiliza, pero siguen las dudas con el Covid-19 Los índices de Europa se mantuvieron en un rango lateral, muy influidos por el calendario de resultados empresariales. A destacar el rebote del Ibex 35 (+1%) que compensó las caídas del lunes. Dentro del Euro STOXX encabezaron las ganancias Viajes&Ocio e Inmobiliario frente a R. Básicos y S. Financieros que registraron las mayores caídas. Por el lado macro, e...

Jean Danjou

Kering : Des semestriels décents vu le contexte, la performance relative de Gucci reste néanmoins en retrait

>Le CA T2 et les résultats S1 2020 battent modérément le consensus, les marges résistent très correctement - La croissance organique des ventes sur le T2 ressort finalement à -44% (cf. tableaux ci-après), c’est mieux que notre prévision plutôt conservatrice (-50%) et finit même légèrement au-dessus du consensus (-47%). Le groupe a bénéficié comme l’ensemble de l’industrie de la bonne tenue de la consommation locale en Chine qui a amorti pour partie l’effet des confine...

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...

Alexandre Iatrides ...
  • Jean Danjou
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/23/2020

Unsurprisingly, the European summit held on 19 June failed to conclude an agreement regarding the € 750bn stimulus plan. Our economists are expecting it this summer for a vote at the end of the year. If its initial composition is retained, it will enshrine the introduction of the pooling of debt. Such a move would represent a major catalyst for European equities, via the decline in the spread of the risk premium and potential growth vs the US. This would give rise to a narrowing of th...

Alexandre Iatrides ...
  • Jean Danjou
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/06/2020

Sans surprise le sommet européen du 19/6 n’aura pas débouché sur un accord quant au plan de relance de 750 Md€. Nos économistes l’attendent pour cet été pour un vote en fin d’année. Si son design initial est conservé, il consacrera l’introduction d’une mutualisation des dettes. Une telle avancée représenterait un catalyseur majeur pour les actions européennes, via la baisse du spread de prime de risque et de croissance potentielle vs USA. A la clef, une réduction de la déote de PE12m ...

Jean Danjou ...
  • Jean Sassus
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/09/2020

...

With a more favourable environment, KERING SA improves to Slightly Positive

KERING SA (FR), a company active in the Clothing & Accessories industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date June 19, 2020, the closing price was EUR 509.90 and its potential was estimated at EUR 564.03.

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 (/m/34ddb5127f06938c/original/KERING.pdf): - 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 Notice published on 28/5: Resolution 15 related to directors global remuneration is deleted.  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 ...

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...

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