Kering SA

KER: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€535.00	Lfzxxdf	Kvbxxwkq

Kering: Weak Performance With Gucci the Biggest Problem; Shares Look Attractive

Jelena Sokolova

Apr 24, 2024

We are maintaining our fair value estimate of EUR 510 per share for narrow-moat Kering, even as we expect to reduce our estimates for profitability in 2024, in line with management’s guidance. Our current EBIT estimates were already below FactSet consensus. We view shares as attractive as we believe issues plaguing Kering’s brands are cyclical (fashion and economic cycle) rather than structural.

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