Leading Independent Investment Research, Morningstar, Inc.

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Leading Independent Investment Research

Morningstar, Inc.

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Equity Bottom-Up

We still rate Prada Group a wide moat and will likely clip our HKD 38 fair value estimate a few percent following the company’s analyst meeting in New York.We had already partially incorporated the financial results released ahead of the meeting; however, it now appears it might take until 2017 to return to growth....Analyst: Paul Swinand

We still rate Prada Group a wide moat and will likely clip our HKD 38 fair value estimate a few percent following the company’s analyst meeting in New York.We had already partially incorporated the financial results released ahead of the meeting; however, it now appears it might take until 2017 to return to growth....Analyst: Paul Swinand

Details From Prada Analyst Meeting Push Out Growth but Still Positive Long-Term View

<ul><li>The two most significant elements suggesting that Prada has key competitive advantages are its enduring brand and its high returns on capital.</li><li>As such, we rate Prada as a wide-moat company, signifying our belief in its ability to continue to achieve high returns and the difficulty competitors face to encroach on its brand</li><li>Prada gets about a third of its sales from Asia, excluding Japan.</li><li>Although we believe the rate of growth will be slower than the past, the group still has opportunities to develop the store base.</li><li>New stores serve to reinforce its presence from a marketing and a visibility standpoint, and luxury goods makers in some cases must lock up key locations in the top cities, making it harder for new entrants to compete.</li><li>We are also optimistic about the prestigious, younger positioned Miu Miu brand, named after Miuccia Prada.</li></ul>Analyst: Paul SwinandFull report below the fold...

The two most significant elements suggesting that Prada has key competitive advantages are its enduring brand and its high returns on capital.As such, we rate Prada as a wide-moat company, signifying our belief in its ability to continue to achieve high returns and the difficulty competitors face to encroach on its brandPrada gets about a third of its sales from Asia, excluding Japan.Although we believe the rate of growth will be slower than the past, the group still has opportunities to develop the store base.New stores serve to reinforce its presence from a marketing and a visibility standpoint, and luxury goods makers in some cases must lock up key locations in the top cities, making it harder for new entrants to compete.We are also optimistic about the prestigious, younger positioned Miu Miu brand, named after Miuccia Prada.Analyst: Paul SwinandFull report below the fold...

Prada is being affected by China and Hong Kong declines but the firm's other brands are improving.

Italy

Prada S.p.A. is an Italian fashion company that designs, manufactures, promotes and sells high-end leather goods, ready-to-wear and footwear through various brands.

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Prada S.P.A. (1913 HK)

Details From Prada Analyst Meeting Push Out Growth but Still Positive Long-Term View

We still rate Prada Group a wide moat and will likely clip our HKD 38 fair value estimate a few percent following the company’s analyst meeting in...

Morningstar, Inc.

Prada is being affected by China and Hong Kong declines but the firm's other brands are improving.

The two most significant elements suggesting that Prada has key competitive advantages are its enduring brand and its high returns on capital. As...

Morningstar, Inc.

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