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Gildan Activewear Inc GIL

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Activewear Boosted No-Moat Gildan in Q4, but the Outlook Remains Cloudy; Shares Overvalued

David Swartz Equity Analyst

Analyst Note

| David Swartz |

No-moat Gildan closed a difficult 2020 with sales and earnings above our expectations. Shares jumped more than 10% on the report, and we expect to raise our per share fair estimates of $18.20/CAD 23.50 by high-single-digit percentages. However, Gildan continues to be impacted by the pandemic, and we view shares as overvalued.

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Company Profile

Business Description

Gildan is a vertically integrated designer and manufacturer of basic apparel, including T-shirts, underwear, socks, and hosiery. Its primary market is the sale of blank T-shirts to wholesalers and printers (printwear). Gildan also sells branded clothing through retail and direct-to-consumer channels. Brands include Gildan, American Apparel, Comfort Colors, and Gold Toe. Gildan produces most of its clothing at factories in Latin America. The Montreal-based company generates most of its sales in the U.S. and was incorporated in 1984.

600 de Maisonneuve Boulevard West, 33rd Floor
Montreal, QC, H3A 3J2, Canada
T +1 514 340-8790
Sector Consumer Cyclical
Industry Apparel Manufacturing
Most Recent Earnings Dec 31, 2020
Fiscal Year End Jan 2, 2022
Stock Type
Employees 44,000