Lowering Fair Value Estimate for Prada as First Half Disappoints
We are lowering our fair value estimate for Prada to HKD 32 from HKD 36 following a soft first-half report in which the firm missed our expectations on both sales growth and profitability. The results confirm our commentary after Prada’s Analyst Day that the company’s return to growth appears to be delayed until 2017. Nevertheless, we still rate Prada Group as a solid brand with a wide economic moat. Prada’s 100 years of history and design expertise is helping the firm maintain excess returns i...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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