Moncler's 1Q Sales Growth Strong as Expected. FVE Maintained
We are maintaining our fair value estimate for narrow-moat Moncler as the company delivered first-quarter sales in line with our annual expectations. Although, Moncler’s outperformance versus peers continues, we believe it to be well reflected in the price and see shares as expensive.Revenue increased by 14% in the quarter at actual currencies (11% at constant exchange rates), versus our 14.9% annual growth forecast. Growth remains solid and comes on top of a challenging comparison base (28% gr...
Moncler is a jacket and sportswear production group based in Italy. Co. directly produces and distributes its own clothing and accessories collections, through its direct boutiques and exclusive department and multibrand stores. Co. branded products range from the high fashion segment with the Gamme Rouge and Gamme Bleu collections (exclusive products and selected distribution to boutiques) to the Grenoble collection (sporting and technical garments). As of Dec 31 2013, Co. operated a network of 135 stores, including 107 directly operated stores (DOS) and 28 wholesale stores (27 shop-in-shop and 1 franchise store).
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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