Kering: H1 should be very dynamic
Kering: (NEUTRAL, Fair Value EUR518 vs. EUR505 (+11%))H1 should be very dynamic
Kering will release its H1 results on July 26th. We anticipate sales at EUR6.46bn and should grow 35% organically, of which +46% for Gucci alone. This should imply for the group +33% in Q2 after +37% in Q1. Bottega Veneta should be the only brand to perform modestly in H1 (+1%). Consequently, EBIT margin is expected to significantly improve 340bp to 26.4%, driven there also by Gucci brand (+430bp to 36.3%). Neutral recommendation maintained with Fair Value at EUR518 given FX adjustments.
Kerr Mines is a development stage company. Co. is engaged in the development of a mining property in Virginiatown, Ontario.
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.
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.
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