Report
Jelena Sokolova

Ferragamo's 1Q Sales Show Continuing Underperformance Relative to Bigger Peers; Shares Rich

We are maintaining our fair value estimate of EUR 15.80 per share for Salvatore Ferragamo, as the company reported first-quarter revenue broadly in line with our full-year forecast. The travel retail segment supported revenue growth in the wholesale division, which increased by 5.9% at constant-currency terms. Retail segment sales remained relatively weak, with flat like-for-like development and few store closures.
Performance trends across regions were similar to peers that have so far reported...
Underlying
Salvatore Ferragamo S.p.A.

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.

Provider
Morningstar
Morningstar

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.

Analysts
Jelena Sokolova

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