Prada's Pricing Power and Control Over Distribution Grants It a Narrow Moat
We plan to reduce our fair value estimate for narrow-moat Prada by a mid-single-digit percentage, as the company reported full-year revenue and operating profit below our estimates. The shares have lost over 50% of their value since their peak in 2018, and we believe they are starting to look attractive as concerns about brand traction in a more challenging macro environment and the cost of the turnaround resurface in investors’ minds. We continue to factor in demand improvement and margin expan...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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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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