We downgrade Prada's moat rating from wide to narrow and see shares as modestly undervalued.
Wide moat Prada delivered poor fiscal 2016 results. We don’t change our moat rating or fair value estimate and see shares slightly overvalued at current levels. ÂPrada delivered fiscal 2016 in line with the firm’s guidance but below our initial estimates, with a constant currency revenue drop of 9%. We appreciate 10% decline in operating expenses through labor cost reduction and rent renegotiation, however, lower than our expectation for a 20% drop. Operating cash flow improved by 72% through g...
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.
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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