Salvatore Ferragamo: Q1 better than anticipated at the EBIT line
NEUTRAL, Fair Value EUR21.8 vs. EUR20 (-6%)
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.
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