Bryan Garnier - Kering SA (KER) KERING: Gradual normalisation in growth at Gucci should be confirmed in Q4â€¦ | BUY | EUR630 vs. EUR600 (+7%)

Report

Bryan Garnier

Loic Morvan

KERING: Gradual normalisation in growth at Gucci should be confirmed in Q4â€¦ | BUY | EUR630 vs. EUR600 (+7%)

KERING - BUY | EUR630 vs. EUR600 (+7%)
Gradual normalisation in growth at Gucci should be confirmed in Q4â€¦

APAC and Europe set to lead the trendâ€¦
The scenario of a gradual slowdown at Gucci should be confirmed
FY 19 EBIT margin up likely 90bp
Buy recommendation unchanged; FV at EUR630

07/01/2020 4 EN

Underlying

Kering SA

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.

See profile

FR0000121485 Euronext Paris France

Provider

Bryan Garnier

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.

See profile

Analysts

Loic Morvan

Other Reports on these Companies

Oddo BHF

ODDO : March down in double digit leads to a -6.3% decline in Q1 for Swiss watch exports

>Swiss watch exports: March down -16.1% leads to a Q1 at -6.3% y-o-y (luxury category also negative over the quarter at -2.8%) - - Over March 2024, exports amounted to CHF 2,002m down 16.1% y-o-y after -3.6% in February and +3.1% in January. This is a very weak figure but was obviously impacted to a good extent by a negative working days effect. On the whole, Q1 was down -6.3% (as a reminder: Q4 2023 witnessed +4.7% growth, FY 2023 growth ended at +7.6%). The l...

April 18, 2024 April 18, 2024 1 EN

Oddo BHF

ODDO : March down in double digit leads to a -6.3% decline in Q1 for Swiss watch exports

April 18, 2024 April 18, 2024 1 FR

GlobeNewsWire

Kering: Monthly statement on the total number of shares and voting rights (April 2024)

Kering: Monthly statement on the total number of shares and voting rights (April 2024) KeringSociété anonyme with a share capital of €493,683,112Head office: 40, rue de Sèvres – 75007 PARIS552 075 020 RCS PARIS April 16, 2024 Monthly statementon the total number of shares and voting rights(articles L.233-8 of the French Commercial Code and 223-16 of the General Regulation of the French Financial Markets Authority (AMF – Autorité des Marchés Financiers) Date Total number ofshares Total number of voting rights theoretical 1 exercisab...

April 16, 2024 April 16, 2024 1 EN

L'Oréal reports encouraging Q1 2024 sales figures

L'Oréal's Q1 sales were above market expectations. Excluding a technical one-off positive impact, sales grew 8.1% lfl over the quarter (consensus: +6.4%) thanks to strong performances in the mass market and Derma Beauty divisions. L'Oréal continued to outperform a still dynamic beauty market (+6%).

April 19, 2024 April 19, 2024 1 EN

Clement Genelot

Clement Genelot

Food Delivery: diverging growth/FCF profiles

Post TKWY and ROO's Q1 figures and ahead of DHER's publication, we note an improving growth trend in Q1. This growth will nevertheless have to rebalance towards orders as out-of-home food is also set to face disinflation this year. The ability to recreate HSD% growth will be the name of the 2024-25

April 19, 2024 April 19, 2024 1 EN

Cedric Rossi

Cedric Rossi

EssilorLux: in-line Q1 sales performance and good vibes ahead of Q2

Yesterday evening, EssilorLux unveiled Q1 sales up 5.5% FX-n to EUR6.34bn, fairly in line with CSSe (EUR6.38bn) despite a tough comp base and unfavourable calendar effect. We see room for accelerating trends given increased tailwinds from: 1/ pricing in frames (BGe: MSD price hike), 2/ the ramp-up

April 19, 2024 April 19, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

KERING: Gradual normalisation in growth at Gucci should be confirmed in Q4â€¦ | BUY | EUR630 vs. EUR600 (+7%)

ODDO : March down in double digit leads to a -6.3% decline in Q1 for Swiss watch exports

ODDO : March down in double digit leads to a -6.3% decline in Q1 for Swiss watch exports

Kering: Monthly statement on the total number of shares and voting rights (April 2024)

L'Oréal reports encouraging Q1 2024 sales figures

Food Delivery: diverging growth/FCF profiles

EssilorLux: in-line Q1 sales performance and good vibes ahead of Q2

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe