Resuming Coverage of Signet With No-Moat Rating, Negative Trend, FVE of $82 per Share
We are lowering our fair value estimate for Signet Jewelers from $100 per share to $82. This results from a more cautious stance on the company’s growth and margin development in a tougher competitive landscape. We are also downgrading our moat trend rating from stable to negative.We still believe that Signet will consolidate the fragmented jewellery industry, where the 20 biggest players make less than 30% of the revenue. It benefits from cost advantage in raw material purchasing, rent negotia...
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