Downgrading Moat Ratings for Prada and Kering From Wide to Narrow; Hermes Wide Moat Confirmed
We are transitioning coverage of three names in the luxury goods space: Kering, Hermes, and Prada. We believe that Kering and Hermes are currently richly valued (our fair value estimates are EUR 229 and EUR 316, respectively), while Prada offers 14% upside at current valuation levels.We have downgraded our moat ratings for Kering and Prada from wide to narrow, given a higher share of shorter-life, higher-fashion items in the product mix for both companies. Nonetheless, we believe that with a hi...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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