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Salvatore Ferragamo SpA SFER

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Morningstar’s Analysis

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North America Continues to Drive Ferragamo's Performance; Shares Look Expensive

Jelena Sokolova, CFA Senior Equity Analyst

Analyst Note

| Jelena Sokolova, CFA |

We are increasing fair value estimate for Salvatore Ferragamo to EUR 14.30 per share from EUR 13.80 to reflect the time value of money and our increased expectations for 2021 operating profit after the company reported solid improvement in revenue and profitability in the third quarter. The shares look expensive based on our assumptions for 7% average annual growth over the next 10 years and operating margin scaling up to the high teens.

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Company Profile

Business Description

Founded in 1927, Salvatore Ferragamo is an Italian monobrand company mainly known for its footwear and accessories. The company generates about 41% of revenue in the footwear category, 42% in leather goods, 5% in apparel, 6% in accessories, and 5% in fragrances. It is present globally with a network of 395 directly operated stores and 249 shops within shops. It was one of the pioneers in establishing a presence in Asia, where it generates 42% of sales, and other emerging markets (6% of sales in Central and South America). Ferragamo generates 22% of revenue in Europe, 21% in the U.S., and 10% in Japan.

Via dei Tornabuoni 2
Firenze, 50123, Italy
T +39 553562230
Sector Consumer Cyclical
Industry Luxury Goods
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2019
Stock Type
Employees 3,777