Kering is engaged in the retail industry, particularly luxury fashion brands. Co.'s operations can be divided into two segments: Luxury and Sport & Lifestyle divisions. The Luxury division includes brands such as Gucci, Bottega Veneta, Yves Saint Laurent, Balenciaga, Boucheron, Sergio Rossi, Alexander McQueen, Girard-Perregaux & JeanRichard, & Stella McCartney. In addition, Co. offers Leather Goods, Shoes, Ready-to-wear, Watches, and Jewelry & Other products. The Sport & Lifestyle division designs & develops footwear, apparel & accessories and includes brands like Puma, Volcom and Electric among others.
  • TickerPP
  • ISINFR0000121485
  • ExchangeEuronext Paris
  • SectorGeneral Retailers
  • CountryFrance

Analysts

Jérôme VINERIER

Short term view - KERING : The background trend is clearly bearish.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €428.20. The next target is at €335.18, then €324.33. Passing €469.50 would question the continuation of the fall.

Alexandre Iatrides ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Léopold Authié
  • Matthias Desmarais
  • Nicolas David
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/10/2018

La récente faiblesse du titre offre un bon point d’entrée pour prendre l’histoire en marche et jouer ce profil différenciant (consumer, premium) qui devrait permettre à Pirelli d’afficher l’une des croissances les plus élevées du secteur d’ici 2021 (TMVA BPA de 18%). Nous initions la valeur avec une opinion Achat et un objectif de cours de 7.2 €. Cf étude publiée. - ...

Jelena Sokolova

Morningstar | Gucci Continues to Deliver Strong Results and Chinese Demand Remains Solid at Kering; FVE Retained

We maintain our fair value estimate of EUR 318 for Kering as the company delivered another set of strong quarterly sales numbers. The recent share price rout left shares trading at a midteens to 20% premium to our fair value estimate. Gucci growth surprised on the upside with 35% organic growth and a smaller-than-expected slowdown from 44% in the first half of the year, despite an increasingly challenging comparison base (43% organic growth in third-quarter 2017 and 17% growth in third-quarter 2016). We expected a deceleration to the low 20s in the second half of the year and hence plan to in...

Alexandre Iatrides ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Léopold Authié
  • Matthias Desmarais
  • Nicolas David
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/24/2018

The share’s recent weakness offers a good entry point to buy into the story and play Pirelli’s differentiating profile (consumer, premium), which should enable it to post one of the highest growth rates in the sector out to 2021 (EPS CAGR of 18%). We are initiating coverage with a Buy recommendation and target price of € 7.2. Cf report published. - - ...

Jelena Sokolova

Gucci Continues to Deliver Strong Results and Chinese Demand Remains Solid at Kering; FVE Retained

We maintain our fair value estimate of EUR 318 for Kering as the company delivered another set of strong quarterly sales numbers. The recent share price rout left shares trading at a midteens to 20% premium to our fair value estimate. Gucci growth surprised on the upside with 35% organic growth and a smaller-than-expected slowdown from 44% in the first half of the year, despite an increasingly challenging comparison base (43% organic growth in third-quarter 2017 and 17% growth in third-quarter 2...

Léopold Authié

Kering : Q3 2018 sales up 27.5%cc, 5% ahead of our estimates thanks to Gucci. No change in pace for Q4 at this juncture

>Q3 sales rose 27.5%cc, 5% ahead of our estimates. Gucci’s sales +35.1%cc (vs +25%cc forecast) - Kering has reported Q3 2018 sales (€ 3,402m, +27.5%cc) 5% above Oddo BHF’s estimates. By region, Asia-Pacific (+33%cc in retail luxury) and the US (+36%cc) are the main growth drivers, followed by Europe (+19%cc) and Japan (+22%cc). By brand in Q3 2018:Gucci (Q3 2018 sales: € 2,096m, +35.1%cc, 8% ahead of our estimates).Bottega Veneta (Q3 2018 sales: € ...

1 director bought

A director at Kering Sa bought 32,016 shares at 460.810EUR and the significance rating of the trade was 96/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board m...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean-François Granjon
  • Johanna Jourdain
  • Laurence Hofmann
  • Léopold Authié
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas Kieffer
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Salma Bouraoui
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Thomas Zlowodzki
  • Vincent Maulay
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2018

Which stocks should be picked over the summer? We have sought to answer this question by screening the Stoxx 600 using simple criteria: buy stocks with positive 1m, 3m and 6m EPS revision and that are not expensive (maximum premium of 20% on P/E and P/B) relative to their respective sectors. We have selected stocks on which our analysts have Buy recommendations and our chart analyst (Rémy Colombero) has a positive opinion: Ahold, Aegon, Alten, Arkema, Eiffage and Ipsen. Applying a sym...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean-François Granjon
  • Johanna Jourdain
  • Laurence Hofmann
  • Léopold Authié
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas Kieffer
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Salma Bouraoui
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Thomas Zlowodzki
  • Vincent Maulay
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/07/2018

Quels titres favoriser pour l’été ? Nous avons tenté de répondre à cette question en criblant sur des critères simples le Stoxx 600 : acheter les titres qui connaissent une dynamique de révision de BPA positive à 1m, 3m et 6m et qui ne sont pas « chers » (prime maximale de 20% en P/E et P/B) par rapport à leurs secteurs de rattachement respectifs. Nous retenons les titres recommandés à l’Achat par nos analystes et pour lesquels notre chartiste (R. Colombero) a une opinion positive : A...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Loic Morvan

SECTOR | Luxury Goods | Slowdown Likely but no Break in the Trend

• The high growth trend also enabled most groups (at least the “best in class”) to deliver improved profitability levels over the half year thanks to operating leverage and, for some groups, to hedging gains that offset the negative EUR/USD impact on sales (-8% on average).

Anaïs Dudout

Proxy Report - 26/04/2018

We note that the Company reported strong financial results for the fiscal year 2017, especially due to the global Luxury Goods market which enjoyed significant structural growth during the year. At its Annual General Meeting of April 26, 2018, the Company will submit to its shareholders the approval of the payment of an exceptional stock dividend in the form of PUMA SE shares: this stock dividend will have no effect on corporate governance. Beyond the significant presence of members of the management, Proxinvest notes that four non-voting Directors figure among the Board of Directors since f...

Anaïs Dudout

Proxy Report - 26/04/2018

Il convient premièrement de relever que la Société a réalisé d'excellents résultats en 2017, portés notamment par la forte croissance du marché du Luxe. L'Assemblée Générale du 26 avril 2018 sera marquée par la proposition de distribution exceptionnelle en nature d'actions PUMA aux actionnaires de la société. Comme pour l'année précédente, Proxinvest note un manque de contre-pouvoir au sein de la société : au delà du cumul des fonctions de Président du Conseil d'administration et de Directeur Général, le Vice-Président du Conseil n'est pas indépendant et les réunions des administrateurs hors ...

Etude de l'AG du 27/04/2017

We note that the Company has failed to submit the statutory auditor's report on related party transactions to shareholders for a vote. Moreover, this report contains a service agreement between the Company its largest shareholder Artémis, worth €3.2 million. Even more concerning is the abence of details regarding services furnished and whether such services are paid at the going rate or otherwise.The Company submits its 2017 remuneration policy to a binding ex-ante vote in Resolution 8. This policy increases base salary, as well as modifies the vesting conditions of pluri-annual compensation, ...

Etude de l'AG du 27/04/2017

Cette année, Proxinvest note un manque de contre-pouvoir dans la société car en plus du cumul des rôles de Président et de Directeur Général, le Vice-Président n’est pas indépendant et les réunions des administrateurs hors dirigeants ne sont pas généralisées. Ainsi Proxinvest s’oppose aux renouvellements du Président-Directeur Général et du Vice-Président. Par ailleurs, nous notons que la société n’a pas soumis les conventions règlementées au vote des actionnaires. Or, selon l’article L.224-40 du Code de commerce, l’assemblée générale annuelle statue sur le rapport spécial des commissaires aux...

Jérôme VINERIER

Short term view - KERING : The background trend is clearly bearish.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €428.20. The next target is at €335.18, then €324.33. Passing €469.50 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - KERING : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 428,20 € prochainement. Le prochain objectif est à 335,18 €, puis 324,33 €. Le franchissement de 469,50 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Analyse court terme - KERING : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 335,18 €. La tendance baissière serait remise en cause au-dessus de 469,50 €.

Jérôme VINERIER

Short term view - KERING : Falling prices.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €335.18. The bearish trend would be challenged above €469.50.

Valérie GASTALDY

Analyse moyen terme - KERING : La tendance est haussière.

La tendance est haussière. La baisse récente gagne en vigueur. Le prochain support est à 393,97 €. La tendance serait remise en cause par la rupture de 337,35 €.

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