reports
- Jelena Sokolova
Morningstar | EssilorLuxottica's Guidance Disappoints as Synergies Tak...
We are maintaining our fair value estimate and wide moat rating for EssilorLuxottica as the company reported full-year revenue in line with our forecasts and slightly lower operating margin than we forecast. We expect to adjust our near-term forecasts to reflect delayed synergy realization. This will have a low- to mid-single-digit negative impact on our fair value estimate. Although the benefits from the merger are taking longer to play out and there is weakness in some parts of the business, ...
- Jelena Sokolova
EssilorLuxottica's Guidance Disappoints as Synergies Take Time; Shares...
We are maintaining our fair value estimate and wide moat rating for EssilorLuxottica as the company reported full-year revenue in line with our forecasts and slightly lower operating margin than we forecast. We expect to adjust our near-term forecasts to reflect delayed synergy realization. This will have a low- to mid-single-digit negative impact on our fair value estimate. Although the benefits from the merger are taking longer to play out and there is weakness in some parts of the business, ...
- Jelena Sokolova
Morningstar | BOSS Updated Forecasts and Estimates from 07 Mar 2019
We are increasing our fair value estimate for narrow-moat Hugo Boss’ shares to EUR 65 from EUR 62 previously largely as a result of the time value of money. The company reported annual sales and profit broadly in line with our expectations and pre-announcement in January. We believe shares are fairly valued. The company issued outlook for 2019 of mid-single digit revenue growth at constant currencies (versus 4.5% in our forecasts), EBIT growth at a high-single-digit percentage rate (versus 11...
- Jelena Sokolova
Morningstar | Hugo Boss Results and Outlook as Expected, Inventory Rem...
We are increasing our fair value estimate for narrow-moat Hugo Boss’ shares to EUR 65 from EUR 62 previously largely as a result of the time value of money. The company reported annual sales and profit broadly in line with our expectations and pre-announcement in January. We believe shares are fairly valued. The company issued outlook for 2019 of mid-single digit revenue growth at constant currencies (versus 4.5% in our forecasts), EBIT growth at a high-single-digit percentage rate (versus 11...
- Jelena Sokolova
Morningstar | Hugo Boss Results and Outlook as Expected, Inventory Rem...
We are increasing our fair value estimate for narrow-moat Hugo Boss’ shares to EUR 65 from EUR 62 previously largely as a result of the time value of money. The company reported annual sales and profit broadly in line with our expectations and pre-announcement in January. We believe shares are fairly valued. The company issued outlook for 2019 of mid-single digit revenue growth at constant currencies (versus 4.5% in our forecasts), EBIT growth at a high-single-digit percentage rate (versus 11...
- Jelena Sokolova
Hugo Boss Results and Outlook as Expected, Inventory Remains a Concern...
We are increasing our fair value estimate for narrow-moat Hugo Boss’ shares to EUR 65 from EUR 62 previously largely as a result of the time value of money. The company reported annual sales and profit broadly in line with our expectations and pre-announcement in January. We believe shares are fairly valued. The company issued outlook for 2019 of mid-single digit revenue growth at constant currencies (versus 4.5% in our forecasts), EBIT growth at a high-single-digit percentage rate (versus 11%...
- Jelena Sokolova
Morningstar | MONC Updated Star Rating from 01 Mar 2019
We are maintaining our narrow moat rating for Moncler as the company reported strong full-year sales in line with our expectations but ahead of consensus estimates. We expect to increase our fair value estimate by a mid-single-digit percentage to reflect the patent box agreement that will lower the effective tax rate for the company over the next five years to around 24%-25%. Comparable-store sales in 2018 increased 18% versus the 17% we anticipated, while overall retail revenue was up 26% at c...
- Jelena Sokolova
Morningstar | Farfetch Results as Expected, but Merger With Toplife St...
We are maintaining our no-moat rating and fair value estimate per share of USD 17.1 as Farfetch reported annual results broadly in line with our estimates. Revenue came in 2.5% ahead of our expectations and an operating loss of USD 173 million matched our expectations. The company displayed better-than-expected scaling of G&AÂ but less leverage on costs of goods sold, versus our expectations, as scale benefits were reinvested in better customer proposition, such as free shipping. For 2019, Farf...
- Jelena Sokolova
Farfetch Results as Expected, but Merger With Toplife Strengthens the ...
We are maintaining our no-moat rating and fair value estimate per share of USD 17.1 as Farfetch reported annual results broadly in line with our estimates. Revenue came in 2.5% ahead of our expectations and an operating loss of USD 173 million matched our expectations. The company displayed better-than-expected scaling of G&A but less leverage on costs of goods sold, versus our expectations, as scale benefits were reinvested in better customer proposition, such as free shipping. For 2019, F.....
- Jelena Sokolova
Morningstar | Moncler's Results Strong as We Expected but Above Consen...
We are maintaining our narrow moat rating for Moncler as the company reported strong full-year sales in line with our expectations but ahead of consensus estimates. We expect to increase our fair value estimate by a mid-single-digit percentage to reflect the patent box agreement that will lower the effective tax rate for the company over the next five years to around 24%-25%. Comparable-store sales in 2018 increased 18% versus the 17% we anticipated, while overall retail revenue was up 26% at c...
- Jelena Sokolova
Morningstar | Zalando Aims to Become a Go-To Fashion Aggregator Platfo...
We are maintaining our fair value estimate of EUR 37.5 for no-moat Zalando as the company reported stronger-than-expected full-year profits and shared its long-term targets on capital markets day. We think the shares still offer value, but after very strong positive reaction to the results and growth targets (shares up over 20%) margin of error has shrunk. While annual revenue came in line with our forecast, adjusted group EBIT came at EUR 173 million, versus the EUR 155 million we expected. Th...
- Jelena Sokolova
Zalando Aims to Become a Go-To Fashion Aggregator Platform; Shares Att...
We are maintaining our fair value estimate of EUR 37.5 for no-moat Zalando as the company reported stronger-than-expected full-year profits and shared its long-term targets on capital markets day. We think the shares still offer value, but after very strong positive reaction to the results and growth targets (shares up over 20%) margin of error has shrunk. While annual revenue came in line with our forecast, adjusted group EBIT came at EUR 173 million, versus the EUR 155 million we expected. Thi...
- Jelena Sokolova
Morningstar | Strong Luxury Brands Across Product Categories Position ...
We believe that a portfolio of strong leading brands in several luxury niches grants LVMH a wide moat and should allow it to generate economic profits well into the future.In fashion and leather goods (over half of the company’s profits), LVMH’s brand intangible assets are backed by the 100-plus-year-old globally recognized Louis Vuitton brand, with long product cycles and fully controlled distribution, as well as several smaller but still iconic brands, including Fendi and Loro Piana. In wi...
- Jelena Sokolova
Morningstar | Launching Coverage of ASOS With No-Moat, Positive Trend ...
We are initiating coverage of ASOS, one of the leading European e-commerce players in fashion and cosmetics focusing on the 20-something demographic segment, with a no-moat, positive trend rating and fair value estimate of GBX 3,480 per share. The shares appear moderately undervalued, trading about 15% below our fair value estimate. We believe ASOS is well positioned to benefit from the continuous shift from brick-and-mortar to online shopping for fashion items as well as to expand its market s...
- Jelena Sokolova
Morningstar | Launching Coverage of ASOS With No-Moat, Positive Trend ...
We are initiating coverage of ASOS, one of the leading European e-commerce players in fashion and cosmetics focusing on the 20-something demographic segment, with a no-moat, positive trend rating and fair value estimate of GBX 3,480 per share. The shares appear moderately undervalued, trading about 15% below our fair value estimate. We believe ASOS is well positioned to benefit from the continuous shift from brick-and-mortar to online shopping for fashion items as well as to expand its market s...
- Jelena Sokolova
Launching Coverage of ASOS With No-Moat, Positive Trend Rating, and GB...
We are initiating coverage of ASOS, one of the leading European e-commerce players in fashion and cosmetics focusing on the 20-something demographic segment, with a no-moat, positive trend rating and fair value estimate of GBX 3,480 per share. The shares appear moderately undervalued, trading about 15% below our fair value estimate. We believe ASOS is well positioned to benefit from the continuous shift from brick-and-mortar to online shopping for fashion items as well as to expand its market sh...
- Jelena Sokolova
Morningstar | Launching Coverage of ASOS With No-Moat, Positive Trend ...
We are initiating coverage of ASOS, one of the leading European e-commerce players in fashion and cosmetics focusing on the 20-something demographic segment, with a no-moat, positive trend rating and fair value estimate of GBX 3,480 per share. The shares appear moderately undervalued, trading about 15% below our fair value estimate. We believe ASOS is well positioned to benefit from the continuous shift from brick-and-mortar to online shopping for fashion items as well as to expand its market s...
- Jelena Sokolova
Morningstar | ASOS Well Positioned to Benefit From Structural Shift to...
ASOS is a leading European e-commerce player in fashion and cosmetics focusing on the 20-something-year-old demographic segment. It offers more than 85,000 products on its website from its own label and around 1,000 third-party brand partners. We believe that through its wide reach (over 18 million active users globally with around 9% of population reach in its home U.K. market), ASOS benefits from traces of network, cost, and intangible asset advantages. Although we don’t believe those advant...
- Jelena Sokolova
Launching Coverage of ASOS With No-Moat, Positive Trend Rating and GBX...
We are initiating coverage of ASOS, one of the leading European e-commerce players in fashion and cosmetics focusing on the 20-something demographic segment, with a no-moat, positive trend rating and fair value estimate of GBX 3,480 per share. The shares appear moderately undervalued, trading about 15% below our fair value estimate. We believe ASOS is well positioned to benefit from the continuous shift from brick-and-mortar to online shopping for fashion items as well as to expand its market sh...
- Jelena Sokolova
ASOS Well Positioned to Benefit From Structural Shift to Online Fashio...
ASOS is a leading European e-commerce player in fashion and cosmetics focusing on the 20-something-year-old demographic segment. It offers more than 85,000 products on its website from its own label and around 1,000 third-party brand partners. We believe that through its wide reach (over 18 million active users globally with around 9% of population reach in its home U.K. market), ASOS benefits from traces of network, cost, and intangible asset advantages. Although we don’t believe those advant...
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