Salvatore Ferragamo: Q1 better than anticipated at the EBIT line

NEUTRAL, Fair Value EUR21.8 vs. EUR20 (-6%)

News published on May Tuesday 14, 2013
Share on

Salvatore Ferragamo’s sales increased 8.6% in Q1 to EUR282m (consensus: EUR283m). Organically sales grew 9.6%. Q1 EBIT grew 26% and reached EUR39m (consensus: EUR33m), implying a 200bp margin gain. We upgrade our EBIT 2013-2014 by 2% to take in account a better Q1 than anticipated. Furthermore, given the new free risk rate (3% vs 3.3% previously), we upgrade our FV from EUR20 to EUR21.8. Neutral recommendation unchanged.


Full report available to subscribers
Please contact marketing@bryangarnier.fr 

The Essentials

Everything you need to know about investment banking dedicated to growth
Stay Informed
Get our news
Join our Team
Bryan, Garnier & Co is always looking for talent in all our divisions, at all levels
Explore our opportunities