Salvatore Ferragamo SpA

SFER: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€8.50	Rmgx	Mdcndjhb

Ferragamo's Growth Slows but Continues in the Third Quarter as Asia Recovers; Shares Fairly Valued

Jelena Sokolova

Nov 9, 2022

We are maintaining our fair value estimate of EUR 14.80 per share for no-moat Salvatore Ferragamo as we update our model with results through September. In both 2021 and 2022, increased operating costs in the third quarters eroded higher EBIT and net profit margins from the first half. Even with exchange rates having pushed up operating costs slightly more than they did total revenue, Ferragamo grew its EBIT margin to 12.4% in 2022 from 10.8% in the first nine months of 2021. We currently view shares as fairly valued.

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