Kering SA

KER: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€695.00	Xqnfjy	Pgfrrtq

Kering's Third-Quarter Sales Solid Even As Gucci Lags Peers

Jelena Sokolova

Oct 21, 2022

We are maintaining our fair value estimate and narrow moat rating for Kering as the company reported solid third-quarter sales, albeit the most profitable and biggest brand Gucci continued to lack the group’s growth and its big peers (LVMH’s fashion and leather division and Hermes). After a share price decline of more than 30% in 2022, Kering’s shares are among the cheapest in our luxury coverage, trading at 13 times consensus earnings, in 4-star territory, and 35% upside to our fair value estimate.

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