Gucci Blows Away Expectations in 3Q, but There Are Reasons for Concern; Raising FVE 18%, Shares Rich
We are keeping our narrow moat rating but raising our fair value estimate to EUR 282 per share from EUR 238 after Kering reported results that beat our and consensus expectations, largely thanks to continuing booming growth at Gucci (43% revenue growth in the quarter, on top of 18% growth in third-quarter 2016). The rest of the businesses came broadly in line with our expectations, with slightly worse performance at Bottega; slightly better performance at Puma; and in-line performance at Saint L...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.
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