Moncler Delivers Strong 1Q Results; We Raise FVE to EUR 21.50 per Share; Shares Expensive
We are raising our fair value estimate for Moncler shares to EUR 21.50 per share from EUR 21 after the company reported better-than-expected first-quarter results. Our expectations now reflect stronger revenue and profit growth in 2018, but our 10-year forecast for mid-single-digit space contribution and 3%-4% same-store sales growth (in line with the growth expected for the luxury industry) is intact. We still believe that shares are expensive at current levels, trading at around a 60% premium ...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.
We have operations in 27 countries.
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