Salvatore Ferragamo: Poor sales in H1 with further profitability deterioration
Salvatore Ferragamo: (NEUTRAL, Fair Value EUR20,4 vs. EUR21 (+3%))Poor sales in H1 with further profitability deterioration
H1 Salvatore Ferragamo results were poor and below expectations. Sales declined 3.4% at same FX (consensus:-1.5%) and EBITDA reached EUR116m (consensus: EUR115m) with a 180bp margin erosion to 17.3%. Neutral recommendation confirmed with EUR20.4 Fair Value vs EUR21 previously
Salvatore Ferragamo creates, produces and sales goods for men and women: footwear, leather goods, apparel, silk goods, jewels, other accessories and fragrances. as well as eyewear and watches manufactured under license by third parties. Co. sells its products through: a network of single Salvatore Ferragamo brand stores, managed both directly and by third parties; and presence in department stores and multibrand specialty stores. Co.'s fragrances product category involves the creation, development and production of fragrances and related products under the Salvatore Ferragamo brand. Co. is also active in the licensing of the Salvatore Ferragamo brand and in real estate management.
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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