2023-07-17 07:17:59 ET
Erste Group has a Buy rating on Moncler S.p.A. ( OTCPK:MONRF ) ahead of the earnings season for the European retail sector.
The firm said Moncler ( OTCPK:MONRF ) has compelling upside due to a growth profile ahead of peers. The Italian luxury fashion house is forecast to see double-digit sales growth in 2023 and 2024. Moncler is also described as having a high and very stable operating margin. In terms of valuation, the company's share price is noted to be at an appropriate level in view of the good growth prospects of the company.
In FY22, Moncler increased sales by +27% year-over-year to €2.6B, with gross profit expanding at a slightly higher rate. The strongest sales growth (+29%) was achieved in Europe, especially in Italy, France and Germany. Sales in Asia increased by 14%, with growth accelerating towards the end of the year. In the Americas, sales were up +12%. For Q1, Moncler ( OTCPK:MONRF ) revenue was up 23%, with results in Asia and EMEA for the Moncler brand offsetting weakness with the Stone Island brand.
More on Moncler:
- Moncler: Stone Island Disappoints But China Recovers
- More articles from Seeking Alpha analysts
- Growth metrics on Moncler
- Moncler's full-year results
For further details see:
European luxury retail: Moncler is viewed by Erste Group as a second-half standout