Fair Value Estimate on VF Reduced on Kontoor Spin and Lowered 2020 Forecast; Shares Overvalued
We’re lowering our fair value estimate on VF to $64 from $74 due to the Kontoor Brands spin-off and a reduced outlook for fiscal 2020. VF released disappointing guidance for fiscal 2020 when it reported its fiscal 2019 fourth-quarter results on May 22. However, the guidance included about $75 million in unexpected costs (dis-synergies) related to the spin-off. While these costs will affect fiscal 2020, they do not change our fiscal 2021-29 forecast of average annual growth of 6% and an average o...VF is an apparel and footwear company. The company designs, produces, procures, markets and distributes a variety of lifestyle products, including outerwear, footwear, occupational and performance apparel, jeanswear, backpacks and luggage for consumers of all ages. Products are marketed primarily under the company-owned brand names. The company's segment comprised of: Outdoor, which includes performance-based and outdoor apparel, footwear and equipment; Active, which includes active apparel, footwear and accessories; Work, which consists of work and work-inspired lifestyle apparel and footwear and occupational apparel; and Jeans, which markets denim and related casual apparel products.
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.
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