Ferragamo: Bryan Garnier fairly cautious ahead of H1 results

(CercleFinance.com) - Bryan Garnier has confirmed its "neutral" recommendation on Salvatore Ferragamo shares and has trimmed its corresponding fair value from 122 euros to 121 euros, saying that it is "fairly cautious" ahead of the Italian luxury group's interim results, along with its peer Tod's Group, which are due out in early August.


Indeed, both groups should post a weak sales performance, with losses of market share, suggesting that there will be a dilution of their margins, the broker judges, and as a result it has adjusted its 2018-2020 earnings estimates by respectively 4.5% and 5%.

Bryan Garnier adds that it is not convinced of the groups' ability to deal with their strategic problems in the coming months, and thinks that most other luxury goods players should post much more dynamic figures over the first half of 2018.


Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.