Kering SA

KER: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€793.00	Cclgsf	Jzyqcvf

Strength in Other Brands Offsets Gucci's Slower Growth and Weaker Margins; Kering Shares Attractive

Jelena Sokolova

Jul 28, 2022

We are increasing our fair value estimate for narrow-moat Kering slightly to EUR 620 as we tweak our full-year assumptions after first-half results to reflect better growth and profitability of Saint Laurent in 2022, better growth of other brands, but lower profitability of Gucci and Bottega Veneta than we previously expected. Our long-term expectations for the group are intact and we view shares as attractive at current levels.

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