Kering (ex PPR): PPR Q1 organic growth (+3.1%) significantly below expectationsNEUTRAL, Fair Value EUR166 (-7%)
In Q1, PPR organic sales growth slowed down (+3.1% vs +11.7% in Q4 2012). This stronger-than-expected slowdown (consensus:+6.7%) is due to a significant slowdown at the Luxury division (+6.4% vs +9.7% expected). We think that the share price will be under pressure this morning given the demanding valuation.
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