We are maintaining our fair value estimate of EUR 47.50 for narrow-moat Moncler as the company reported strong first-quarter revenue trends, especially for its core Moncler brand, defying the industry slowdown. Still, at 27 times forward consensus earnings, shares look expensive.
Moncler is the global leader in a growing niche, delivering strong sales densities and operating margin of 30% versus 18%-20% for the industry.
The puffer coat and jacket category has been growing, driven by wardrobe casualization. The segment’s growth attracts competition from both new players and established brands expanding into the category.
|
Metric
|
MONC
|
KER
|
01913
|
|---|---|---|---|
Price/Earnings (Normalized) | 31.46 | 13.22 | 26.31 |
Price/Book Value | 5.61 | 2.64 | 4.70 |
Price/Sales | 6.05 | 2.05 | 3.90 |
Price/Cash Flow | 21.16 | 8.95 | 14.44 |
|
Metric
|
MONC
|
KER
|
01913
|
|---|---|---|---|
Quick Ratio | 0.91 | 0.68 | 0.84 |
Current Ratio | 1.54 | 1.38 | 1.49 |
Interest Coverage | 27.44 | 12.44 | 13.10 |
|
Metric
|
MONC
|
KER
|
01913
|
|---|---|---|---|
Return on Assets (Normalized) | 13.35% | 8.33% | 9.47% |
Return on Equity (Normalized) | 21.05% | 20.97% | 19.42% |
Return on Invested Capital (Normalized) | 16.35% | 11.34% | 11.74% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
HNNMY
| Hennes & Mauritz AB ADR | — | Dvzgn | $26.6 Bil | |
HMRZF
| Hennes & Mauritz AB Class B | — | Shywlw | $26.4 Bil | |
MONRY
| Moncler SpA ADR | — | Lhff | $18.7 Bil | |
RL
| Ralph Lauren Corp Class A | Wkkphlpz | Gbxbpd | $10.6 Bil | |
PVH
| PVH Corp | Fsszsdry | Dyky | $6.4 Bil | |
GIL
| Gildan Activewear Inc | Hjmvmqjz | Qpth | $6.0 Bil | |
VFC
| VF Corp | Kwnzmqmx | Mdlyfvb | $4.9 Bil | |
UAA
| Under Armour Inc Class A | Kmgwgcfs | Bqp | $2.9 Bil | |
UA
| Under Armour Inc Class C | Fyvwlsd | Rbwhg | $2.9 Bil | |
HBI
| Hanesbrands Inc | Ryfgljrk | Cgfdpb | $1.6 Bil |
