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Morningstar‘s Stock Analysis VFC

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Narrow-Moat VF’s Bright Analyst Event Dimmed by Near-Term Struggles; Shares Very Undervalued

David Swartz Equity Analyst

Analyst Note

| David Swartz |

At its first analyst day in three years, VF presented strategies for its key brands and fiscal 2027 financial targets. Its medium-term goals, including five-year sales and EPS percentage growth ranges of mid- to high-single-digits and high-single to low-double-digits, respectively, align with our 6% and 9% estimates. However, VF lowered its guidance for the remainder of fiscal 2023 (ending March) due to a weak back-to-school season for Vans, a slow recovery in China, and the likelihood of a promotional holiday season due to elevated inventories and soft consumer spending. Moreover, like many others, VF’s reported results are adversely affected by the appreciation of the U.S. dollar. VF’s new fiscal 2023 guidance suggests roughly flat sales, a 12% adjusted operating margin, and $2.60-$2.70 in adjusted EPS, versus our estimates of 3%, 13%, and $3.11, respectively.

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Key Statistics VFC

Company Profile VFC

Business Description

VF designs, produces, and distributes branded apparel and accessories. Its largest apparel categories include action sports, outdoor, and workwear. Its portfolio of about a dozen brands includes Vans, The North Face, Timberland, Supreme, and Dickies. VF markets its products in the Americas, Europe, and Asia-Pacific through wholesale sales to retailers, e-commerce, and branded stores owned by the company and partners. The company has grown through multiple acquisitions and traces its roots to 1899.

1551 Wewatta Street
Denver, CO, 80202
T +1 720 778-4000
Industry Apparel Manufacturing
Most Recent Earnings Jun 30, 2022
Fiscal Year End Apr 2, 2023
Employees 35,000

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