Moncler's Brand Drives a Narrow Moat, but Shares Look Expensive Relative to Our EUR 21 FVE
We are initiating coverage of Moncler with a narrow moat rating and a fair value estimate of EUR 21 per share. Our valuation implies a 2018 adjusted earnings multiple of 21 and enterprise value/EBITDA of 12.We believe Moncler benefits from a brand intangible asset moat source through its leadership position in an attractively growing luxury down jacket category, as well as strong pricing power and control over distribution channels (70% retail). We think Moncler’s product’s elevated price point...
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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