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Kering equity research: from catwalk to cashflow - tailoring success in luxury
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| 2.93 MB | Adobe PDF |
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This report is an integral component of an Equity Research
Field Lab focused on Kering S.A, a noticeable French
conglomerate specializing in luxury goods. Commencing
with a company overview, highlighting the huge
transformation from retail conglomerate to a luxury group,
our objective is to scrutinize how the group has been able
to establish itself as a leader in the luxury goods industry.
This involves an in-depth analysis of the competitive
landscape of the global luxury goods industry, in which the
group competes with other players that strive to capture the
attention of affluent consumers. Furthermore, we delved
our analysis in describing how the M&A activity within
this industry has been evolving overtime. Bearing in mind
the dynamic nature of the luxury sector, it was no surprise
the significant wave of mergers and acquisitions witnessed
in recent times.
Moreover, the report focuses on a comparative valuation of
Kering S.A within the luxury goods industry,
benchmarking against its peers. Two key multiples, the
forward P/E ratio and forward EV/EBIT ratio are
employed, to assess Kering’s standings. Our findings
reveal that Kering exhibits lower multiples compared to a
group of peers, suggesting a potential discount in market
perceptions.
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Corporate finance Equity research Kering Luxury Valuation