Prada Sales Growth Largely in Line With Expectations But Recovery Now Priced In. FVE Maintained
We are maintaining our HKD 29 fair value estimate and narrow moat rating for Prada after the company reported first-half 2018 sales broadly in line with our expectations (constant currency growth of 9% versus 8.5% expected). Operating margin showed marked improvement to 10.4% from 9.2% level last year. Currency headwinds and increased marketing expenditures should limit the operating leverage for Prada this year, despite growing off largely the same store base (we expect operating margin slightl...PRADA is engaged the luxury goods sector where it operates with the Prada, Miu Miu, Church's and Car Shoe brands in the design, production and distribution of luxury handbags, leather goods, footwear, apparel and accessories. Co. also operates, under licensing agreements, in the eyewear, fragrances and mobile telephone sectors. Co.'s products are sold in 70 countries worldwide through a network that included 540 Directly Operated Stores (DOS), and a select network of luxury department stores, independent retailers and franchise stores.
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