Tod's Group: H1 results well above estimates!
Tod's Group: (NEUTRAL vs. SELL, Fair Value EUR58 (+8%))H1 results well above estimates!
For once, Tod’s Group H1 2018 results were above expectations with sales up 1.8% (cs:-1.5%) and EBITDA down “only†9% to EUR69m (consensus:EUR61m). Q2 same-store retail sales were stable for the first time in more than three years. Even if all issues are not yet fixed, we assume than the worst is behind us and we upgrade our recommendation from Sell to Neutral with an unchanged FV of EUR58.
Tod's operates in the luxury sector under its proprietary brands (TOD'S, HOGAN and FAY) and licensed brands (ROGERVIVIER). Co. creates, produces and distributes shoes, leather goods and accessories, and apparel. The TOD'S brand is known for shoes and luxury leather goods. The HOGAN brand is known for shoe collections for women, men and children, and also crafts various leather goods items. FAY is a brand with a focus on casual wear. ROGERVIVIER brand includes shoes, handbags, small leather goods, jewelry and sunglasses.
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.