Moncler's Sales Growth Strong in 1H, Opex Temporarily Weighs On Profits; Shares Rich
We are maintaining our fair value estimate for narrow-moat Moncler as the company reported solid first-half 2019 revenue and profit growth.ÂRevenues in the first half grew by 16%, or 13% at constant exchange rates, versus our expectations of about 15% growth. Revenue growth in the second quarter accelerated to 18%, at constant exchange rates, from 11% in the first quarter. Comparable store-sales growth was 9% in the first half with space contribution of about 6%. The operating margin was 18%, o...
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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