Oddo BHF maintains its 'neutral' rating on Moncler shares, with a price target lowered from 53.9 to 53 euros.
Oddo BHF reports that Moncler is reassuring about the brand's medium-term growth prospects, insisting on well-identified growth axes for the coming years.
Our EBIT forecast for 2024 reflects a margin of 29.1% (29.3% prev.), compared with 30% in 2023. As for 2025, we are counting on 5.2% growth for the Moncler brand (DTC +6.9% wholesale -5.1%), i.e. +5.2% for group sales (we had previously forecast +9% for Moncler DTC)", says the analyst.
Beyond the generic objective of expanding its ready-to-wear footprint, the Group intends to ensure the growth of the Moncler brand over the next 3 to 5 years by focusing its efforts on 3 axes now considered priorities, namely the USA, Grenoble, and the spring collections, i.e. the new growth triptych.
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Moncler S.p.A. is an Italy-based international group founded in 1952 which manufactures and directly distributes clothing and accessories collections under the brands Moncler and Stone Island, through its Directly-Operated Stores, as well as in exclusive international department stores and multi-brand stores. Net sales break down by sales channel as follows:
- retail distribution (82%): at the end of 2024, owned a network of 376 stores distributed between Moncler (286) and Stone Island (90), located in Europe/Middle East/Africa (123), Asia (199) and Americas (54);
- wholesale distribution (18%): owned a network of 65 stores distributed between Moncler (56) and Stone Island (9).
Net sales are distributed geographically as follows: Europe/Middle East/Africa (39%), Asia (48%) and America (13%).
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