Ferragamo Shows Improvement in Sales, as Expected; Shares Remain Expensive
We retain our fair value estimate of EUR 15.8 and no-moat rating for Ferragamo shares as the company reported solid improvement in the first-quarter results. Revenue improved by 4.3% at constant and current exchange rates versus our expectations for 5%-6% revenue growth in the full year. We continue to expect business performance to improve with 4% annual forecast revenue growth over the midterm versus the declines in the two prior years and margin improvement to over 16% from 11% in 2018, throu...Salvatore Ferragamo creates, produces and sales goods for men and women: footwear, leather goods, apparel, silk goods, jewels, other accessories and fragrances. as well as eyewear and watches manufactured under license by third parties. Co. sells its products through: a network of single Salvatore Ferragamo brand stores, managed both directly and by third parties; and presence in department stores and multibrand specialty stores. Co.'s fragrances product category involves the creation, development and production of fragrances and related products under the Salvatore Ferragamo brand. Co. is also active in the licensing of the Salvatore Ferragamo brand and in real estate management.
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