Wide-Moat VF Corp. Sees Strength Across All Geographies and Channels; Shares Slightly Overvalued
VF Corp. reported a strong first quarter, shown by 10% constant-currency organic sales growth (an acceleration from last quarter's 8%) and organic gross margins of 51.3% (up 170 basis points), driven broadly across its geographies, channels, and brands. We plan to lift our $76 fair value estimate by a mid-single-digit percentage for the time value of money and slightly higher sales and margin forecasts for the current fiscal year. While we see shares as slightly overvalued, trading near 26 times...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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