Salvatore Ferragamo: 2012 EBIT 4% above consensus

NEUTRAL, Fair Value EUR20 vs. EUR18.7 (-4%)

News published on March Friday 22, 2013
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2012 sales grew 13% at same forex (already released) and EBIT increased 24% at EUR 194m (consensus: EUR186m). Following a 2012 EBIT higher than expected, we increase our 2013-2014 EBIT by 4%. We upgrade our FV to EUR20 vs EUR18.7 previously. We keep our Neutral recommendation given the demanding valuation.

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