Gucci Continues to Deliver Strong Results and Chinese Demand Remains Solid at Kering; FVE Retained
We maintain our fair value estimate of EUR 318 for Kering as the company delivered another set of strong quarterly sales numbers. The recent share price rout left shares trading at a midteens to 20% premium to our fair value estimate.Gucci growth surprised on the upside with 35% organic growth and a smaller-than-expected slowdown from 44% in the first half of the year, despite an increasingly challenging comparison base (43% organic growth in third-quarter 2017 and 17% growth in third-quarter 2...
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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