André, RosárioEsteves, Nuno André Mata Nazaré Pinheiro2024-10-172024-10-172024-01-192023-12-17http://hdl.handle.net/10362/173626This 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.engCorporate financeEquity researchKeringLuxuryValuationmaster thesis203604172