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Tiffany & Co TIF

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Reducing Tiffany FVE to $112 to Incorporate Lower Chances of Merger

Jelena Sokolova, CFA Equity Analyst

Analyst Note

| Jelena Sokolova, CFA |

We are reducing our fair value estimate for Tiffany to $112 per share from $135 following a surprise announcement from LVMH that the latter will not be able to complete the acquisition of the jeweler. Despite the recent rumours of LVMH seeking to renegotiate the deal, we maintained our view that the deal will go through, given its solid strategic rationale and likelihood that LVMH will adopt long-term thinking.

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Company Profile

Business Description

Tiffany is a monobrand jeweler with a 180-year history. It is vertically integrated, with around 60% of jewellery produced internally. Tiffany is present in over 20 countries globally, with over 300 own stores. Its biggest market is its home market, the U.S.; however, Europe and Asia-Pacific have shown the strongest growth in recent years. Engagement jewellery contributes 26% of sales, the remainder being designer jewellery and other collections.

Contact
200 Fifth Avenue
New York, NY, 10010
T +1 212 755-8000
Sector Consumer Cyclical
Industry Luxury Goods
Most Recent Earnings Jul 31, 2020
Fiscal Year End Jan 31, 2021
Stock Type Cyclical
Employees 14,100

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