Burberry: The turnaround will take time
Burberry: (SELL, Fair Value 1680p vs. 1630p (-10%))The turnaround will take time
Following 2017 results that are almost in line with expectations (albeit EBIT slightly above estimates), Burberry expects to report broadly stable revenues and EBIT margin both in 2018 and 2019 with a better trend beyond. We maintain our sell recommendation as the turnaround will take time, but we have adjusted our FV (1,680p vs 1630p) in the light of the 2017 results release.
Burberry Group designs, makes, sources and sells luxury products under the Burberry brand. Co.'s products are for women, men and children and include apparel, accessories, and beauty. Co.'s products are sold globally through its directly operated store network and online at Burberry.com, as well as through franchisees and third-party retailers, both offline and online. In a few selected areas such as Eyewear and Beauty, Co. uses the product and distribution capability of licensing partners. Co. operates in three regions: Asia Pacific; Europe, Middle East, India and Africa; and Americas. As of Mar 31 2017, Co.'s store portfolio had 469 directly-operated stores and 48 franchise stores.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.