Vans a Standout for VF, but Crowded Markets Poised to Hinder Growth for the Overall Firm Long Term
We plan to lift our $83 fair value estimate by around $1 to account for the time value of money and strength in the outdoor (38% of sales) and active (33%) segments, supported by the North Face and Vans brands, respectively, leaving shares fairly valued.In our view, VF's brand advantage (the source of its wide moat) is intact, as its Vans and North Face brands continue to resonate with consumers. VF's innovation, product and geographical expansion, and social and data analytical engagement cont...
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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