Kering’s 1Q Revenue Significantly Above Expectations; Raising FVE to EUR 342; Shares Overvalued
We increase our fair value estimate for Kering shares to EUR 342 from EUR 321 as the company delivered first-quarter revenue significantly beating our and consensus expectations. Gucci and other luxury activities stood out, with 49% and 38% organic growth, respectively (the Balenciaga brand was the notable driver of the latter). This compares with our estimate of 20% organic annual growth for Gucci and other luxury activities for full-year 2018. Yves Saint Laurent growth came in line with expect...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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