VF's Ongoing Portfolio Restructuring Continues to Support Its Wide-Moat Intangible Brand Advantage
We plan to maintain our $80 fair value estimate after VF announced plans to spin off its jeans business (around 20% of total cash flow and a high-teen percentage of our valuation) during the first half of calendar 2019, leaving shares overvalued.We are favorable on the separation for several reasons. First, VF's remaining company of outdoor, lifestyle, and active brands (80% of total cash flow) has matured to the point where it does not require the cash flow generated from the jeans operations ...
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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