Launching Coverage of Ferragamo With No-Moat Rating, FVE of EUR 15.80 per Share; Shares Expensive
We initiate coverage of Salvatore Ferragamo with a no-moat rating and a fair value estimate of EUR 15.80 per share, implying 2018 adjusted P/E of 22 and enterprise value/EBITDA of 10.We see Ferragamo benefiting from good global brand recognition (above 85%), relatively strong control over distribution (above 60% retail), and higher-than-peer presence in travel retail (around 150 locations). Nonetheless, we don’t think the company has carved out an economic moat, given the high competitiveness, ...
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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