Prada (1913 HK): High Fashion at 14x EV/Pretax Profit with an Alt-Data Catalyst

Prada S.P.A. (1913 HK) (1913 HK —US$18 billion) is a strange beast.

It’s an Italian fashion group listed in Hong Kong, of all places. Many European and American investors ignore the name, which has caused Prada to trade at a considerable discount to its peers.

The first Prada shop was opened in 1913 by Mario Prada, a former leather goods salesman who imported English handbags and travel accessories and sold them to the Italian elite.