Coty Inc Class A

COTY: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$75.10	Kdp	Vmyz

Coty: Progress in Business Turnaround, but Diversification Beyond Fragrance Still in Early Innings

Dan Su

Nov 28, 2023

We are initiating coverage on Coty with fair value estimates of $10.50 and EUR 9.50 per share, which implies 18 times multiple against our adjusted fiscal 2025 (ending in June) earnings estimate and a fiscal 2025 enterprise value to adjusted EBITDA multiple of 12 times. However, we don't see an attractive risk/reward in shares at present.

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