Kering（KER）株式概要ケリングSAは、アジア太平洋地域、西ヨーロッパ、北米、日本、および国際的なファッション、レザーグッズ、ジュエリーの有名メゾンのコレクション開発を管理している。 詳細KER ファンダメンタル分析スノーフレーク・スコア評価3/6将来の成長3/6過去の実績0/6財務の健全性2/6配当金1/6報酬当社が推定した公正価値より12.4%で取引されている 収益は年間59.23%増加すると予測されています リスク分析利払いは収益で十分にカバーされない すべてのリスクチェックを見るKER Community Fair Values Create NarrativeSee what 99 others think this stock is worth. Follow their fair value or set your own to get alerts.Analyst Price TargetsAN14.9% undervaluedAnalystConsensusTarget•27d agoKER: Beauty Unit Sale And Licensing Deal Will Shape Future Market Position230057AN36.9% undervaluedAnalystHighTarget•1mo agoRising Global Wealth And E-commerce Will Spark Luxury Renaissance5705AN35.3% overvaluedAnalystLowTarget•3mo agoHeavy Gucci Reliance Will Hurt Long-Term Luxury Margins9103Top Analyst NarrativesAN14.9% undervaluedAnalystConsensusTarget•27d agoKER: Beauty Unit Sale And Licensing Deal Will Shape Future Market Position230057AN36.9% undervaluedAnalystHighTarget•1mo agoRising Global Wealth And E-commerce Will Spark Luxury Renaissance5705AN35.3% overvaluedAnalystLowTarget•3mo agoHeavy Gucci Reliance Will Hurt Long-Term Luxury Margins9103View all narrativesKering SA 競合他社Christian DiorSymbol: ENXTPA:CDIMarket cap: €80.3bHermès International Société en commandite par actionsSymbol: ENXTPA:RMSMarket cap: €168.3bLVMH Moët Hennessy - Louis Vuitton Société EuropéenneSymbol: ENXTPA:MCMarket cap: €234.6bS.T. DupontSymbol: ENXTPA:DPTMarket cap: €81.3m価格と性能株価の高値、安値、推移の概要Kering過去の株価現在の株価€242.0052週高値€354.2052週安値€166.96ベータ0.981ヶ月の変化0.81%3ヶ月変化-15.12%1年変化38.10%3年間の変化-52.98%5年間の変化-67.66%IPOからの変化1,071.11%最新ニュースライブニュース • May 21Kering Faces Labor Tensions in Italy as McQueen Layoff Protests EscalateKering employees in Italy held a strike to protest planned layoffs at the Alexander McQueen brand. Italian unions accused the company of refusing to negotiate on redeployment options or additional social safety nets. Kering stated the layoffs are part of a previously decided collective redundancy procedure tied to efforts to restore profitability at McQueen, while reaffirming its commitment to Made in Italy production and ongoing talks with unions. The tension between workforce groups and management highlights execution risks around Kering’s plan to adjust McQueen’s cost base and focus on profitability. Investors may want to watch how quickly labor relations stabilize, since extended disputes can affect brand reputation, operational continuity and potentially the timing of any planned restructuring benefits.ナラティブの更新 • Apr 28KER: New Structure And Beauty Sale Will Support Future Cash ReturnsAnalysts have nudged their blended price target for Kering lower to about €284 from roughly €295, reflecting slightly softer assumptions on revenue growth and profit margins alongside a modestly higher discount rate, even as recent research includes both downgrades and upgrades across the Street. Analyst Commentary Recent Street research around Kering has been mixed, with both upgrades and downgrades, as well as several price target changes in both directions.お知らせ • Apr 23Kering Announces Resignation of Jean-Pierre Denis as Director, Effective May 28, 2026Kering announced Jean-Pierre Denis submitted his resignation from his position as Director, effective at the end of the Annual General Meeting on May 28, 2026. Chairman of the Audit Committee from 2012 to 2020, then Vice-Chairman of this Committee and a member of the Remuneration and Sustainability Committees, Jean-Pierre Denis has been a Director of Kering since June 9, 2008. He has also served as Climate Change Lead since 2022.お知らせ • Apr 21Kering SA, Annual General Meeting, May 28, 2026Kering SA, Annual General Meeting, May 28, 2026. Location: 40 rue de sevres, paris Franceナラティブの更新 • Apr 13KER: Beauty Sale And Cash Returns Will Support Rerating Despite Mixed ResearchAnalysts have trimmed their fair value estimate for Kering by around €17 to about €383 per share, as mixed recent research, including both price target cuts and upgrades, feeds into slightly higher discount rate assumptions and updated views on revenue growth, profit margins and future P/E levels. Analyst Commentary Recent research on Kering has been mixed, with some firms trimming price targets and others becoming more constructive.お知らせ • Apr 02+ 1 more updateL'Oréal S.A. (ENXTPA:OR) completed the acquisition of Creed Fragrance from Kering SA (ENXTPA:KER).L'Oréal S.A. (ENXTPA:OR) entered into binding agreement to acquire Creed Fragrance from Kering SA (ENXTPA:KER) in a transaction valued at €4 billion on October 19, 2025. A cash consideration will be paid by L'Oréal S.A. L'Oréal also pay royalties to Kering for the use of its licensed brands. The agreement also includes an exclusive venture to explore business opportunities in the field of wellness and longevity and the right for Kering to sell Kering Beauté to L’Oréal. A strategic committee will be established to ensure coordination between Kering brands and L’Oréal and monitor the progress of our partnership. The partnership includes the rights to enter into a 50-year exclusive license for the creation, development, and distribution of fragrance and beauty products for Gucci, commencing after expiration of the current license with Coty, and respecting the Kering group’s obligations as per the existing license agreement. Kering will also grant L’Oréal 50-year exclusive licenses for the creation, development, and distribution of fragrance and beauty products for Bottega Veneta and Balenciaga, starting upon closing of the announced transaction. The transaction is subject to approval by regulatory board / committee and subject to Kering’s obligations under French employment law. The transaction is expected to complete in the first half of 2026. Centerview Partners UK LLP acted as financial advisor to Kering SA. Cédric Burford, Auriane Bijon, Arnaud de Rochebrune of Clifford Chance has advised L'Oréal. Bertrand Cardi, Christophe Vinsonneau, Forrest Alogna, Laurent Gautier, Cécile de Narp, Vincent Agulhon, Guillaume Aubron and Mathieu Duvacher of Darrois Villey Maillot Brochier advises Kering. L'Oréal S.A. (ENXTPA:OR) completed the acquisition of Creed Fragrance from Kering SA (ENXTPA:KER) on March 31, 2026. Eric Demuyt, Florent Garnie, Baptiste Piasentin, Chenwei Xu, Guillaume Legris, Guillaume Rembry, Hubert Christophe, Guillaume Exerjean, Bastien Martinez, Dean Lake, Caley Mogg, Edward Highfield, Alexis Karlins-Marchay, Ihssane Chabaa and Myriam Montillot of Eight Advisory acted as Financial Due diligence, Tax Due diligence to L’Oréal in its strategic alliance with Kering in beauty and wellness.最新情報をもっと見るRecent updatesライブニュース • May 21Kering Faces Labor Tensions in Italy as McQueen Layoff Protests EscalateKering employees in Italy held a strike to protest planned layoffs at the Alexander McQueen brand. Italian unions accused the company of refusing to negotiate on redeployment options or additional social safety nets. Kering stated the layoffs are part of a previously decided collective redundancy procedure tied to efforts to restore profitability at McQueen, while reaffirming its commitment to Made in Italy production and ongoing talks with unions. The tension between workforce groups and management highlights execution risks around Kering’s plan to adjust McQueen’s cost base and focus on profitability. Investors may want to watch how quickly labor relations stabilize, since extended disputes can affect brand reputation, operational continuity and potentially the timing of any planned restructuring benefits.ナラティブの更新 • Apr 28KER: New Structure And Beauty Sale Will Support Future Cash ReturnsAnalysts have nudged their blended price target for Kering lower to about €284 from roughly €295, reflecting slightly softer assumptions on revenue growth and profit margins alongside a modestly higher discount rate, even as recent research includes both downgrades and upgrades across the Street. Analyst Commentary Recent Street research around Kering has been mixed, with both upgrades and downgrades, as well as several price target changes in both directions.お知らせ • Apr 23Kering Announces Resignation of Jean-Pierre Denis as Director, Effective May 28, 2026Kering announced Jean-Pierre Denis submitted his resignation from his position as Director, effective at the end of the Annual General Meeting on May 28, 2026. Chairman of the Audit Committee from 2012 to 2020, then Vice-Chairman of this Committee and a member of the Remuneration and Sustainability Committees, Jean-Pierre Denis has been a Director of Kering since June 9, 2008. He has also served as Climate Change Lead since 2022.お知らせ • Apr 21Kering SA, Annual General Meeting, May 28, 2026Kering SA, Annual General Meeting, May 28, 2026. Location: 40 rue de sevres, paris Franceナラティブの更新 • Apr 13KER: Beauty Sale And Cash Returns Will Support Rerating Despite Mixed ResearchAnalysts have trimmed their fair value estimate for Kering by around €17 to about €383 per share, as mixed recent research, including both price target cuts and upgrades, feeds into slightly higher discount rate assumptions and updated views on revenue growth, profit margins and future P/E levels. Analyst Commentary Recent research on Kering has been mixed, with some firms trimming price targets and others becoming more constructive.お知らせ • Apr 02+ 1 more updateL'Oréal S.A. (ENXTPA:OR) completed the acquisition of Creed Fragrance from Kering SA (ENXTPA:KER).L'Oréal S.A. (ENXTPA:OR) entered into binding agreement to acquire Creed Fragrance from Kering SA (ENXTPA:KER) in a transaction valued at €4 billion on October 19, 2025. A cash consideration will be paid by L'Oréal S.A. L'Oréal also pay royalties to Kering for the use of its licensed brands. The agreement also includes an exclusive venture to explore business opportunities in the field of wellness and longevity and the right for Kering to sell Kering Beauté to L’Oréal. A strategic committee will be established to ensure coordination between Kering brands and L’Oréal and monitor the progress of our partnership. The partnership includes the rights to enter into a 50-year exclusive license for the creation, development, and distribution of fragrance and beauty products for Gucci, commencing after expiration of the current license with Coty, and respecting the Kering group’s obligations as per the existing license agreement. Kering will also grant L’Oréal 50-year exclusive licenses for the creation, development, and distribution of fragrance and beauty products for Bottega Veneta and Balenciaga, starting upon closing of the announced transaction. The transaction is subject to approval by regulatory board / committee and subject to Kering’s obligations under French employment law. The transaction is expected to complete in the first half of 2026. Centerview Partners UK LLP acted as financial advisor to Kering SA. Cédric Burford, Auriane Bijon, Arnaud de Rochebrune of Clifford Chance has advised L'Oréal. Bertrand Cardi, Christophe Vinsonneau, Forrest Alogna, Laurent Gautier, Cécile de Narp, Vincent Agulhon, Guillaume Aubron and Mathieu Duvacher of Darrois Villey Maillot Brochier advises Kering. L'Oréal S.A. (ENXTPA:OR) completed the acquisition of Creed Fragrance from Kering SA (ENXTPA:KER) on March 31, 2026. Eric Demuyt, Florent Garnie, Baptiste Piasentin, Chenwei Xu, Guillaume Legris, Guillaume Rembry, Hubert Christophe, Guillaume Exerjean, Bastien Martinez, Dean Lake, Caley Mogg, Edward Highfield, Alexis Karlins-Marchay, Ihssane Chabaa and Myriam Montillot of Eight Advisory acted as Financial Due diligence, Tax Due diligence to L’Oréal in its strategic alliance with Kering in beauty and wellness.お知らせ • Mar 31Kering SA (ENXTPA:KER) completed the acquisition of 20% stake in Raselli Franco S.P.A.Kering SA (ENXTPA:KER) entered into an agreement to acquire 20% stake in Raselli Franco S.P.A. for approximately €120 million on December 18, 2025. A cash consideration of €115 million will be paid by Kering SA. The acquisition will be completed in several stages, starting with an initial 20% stake, with pathway to full ownership by 2032. Completion of the transaction remains subject to customary closing conditions and regulatory approvals. The transaction is expected to close in the first quarter of 2026. Donato Romano, Cristina Capitanio, Matteo Padellaro, Fabio Baglivo from Gianni & Origoni Law Firm acted as legal advisor to Kering SA (ENXTPA:KER). Giuliano Foglia, Matteo Carfagnini, Francesco Capogrossi, Sergio Mango and Carolina Castelli from Foglia & Partners, Accounting & Auditing acted as accountant to Kering SA (ENXTPA:KER). Sara Ciavorella from District Advisory acted as financial advisor to the unknown seller. Luca Picone from Hogan Lovells acted as legal advisor to the unknown seller. Kering SA (ENXTPA:KER) completed the acquisition of 20% stake in Raselli Franco S.P.A. on March 30, 2026.ナラティブの更新 • Mar 30KER: Beauty Sale And New Structure Will Support Future Cash ReturnsAnalysts have trimmed their implied fair value for Kering from about €301.71 to €294.54, reflecting recent price target resets around €235 to €319 and slightly softer assumptions for revenue growth, profit margins, and future P/E. Analyst Commentary Recent research shows a mix of cautious and more constructive views on Kering, with several price target changes clustered between about €235 and €319 and a few rating shifts that reflect evolving expectations on execution and growth.お知らせ • Mar 18Kering Appoints Pierre Houlès as Chief Digital, AI & IT Officer, Effective March 17, 2026Kering announced the appointment of Pierre Houlès as Chief Digital, AI, and IT Officer, effective March 17, 2026. Pierre Houlès joins the Executive Committee of Kering. His mission is to strengthen the Group’s digital strategy and accelerate the transformation of its technology architecture to support the operational and technological ambitions of Kering. He will help build a model that fully embeds innovation to enhance the performance and desirability of the Houses. Pierre Houlès’s expertise in large-scale transformation, the integration of complex systems, and the application of emerging technologies, notably artificial intelligence, will be instrumental in accelerating the development of a more integrated, innovative, and forward-looking Group. Pierre Houlès reports to Jean Marc Duplaix, Group Chief Operating Officer. From 2004 to 2011, Pierre Houlès led major transformation projects for Capgemini before joining the CANAL+ Group, where he was appointed Chief Information Officer in 2012. In 2016, Pierre Houlès joined the Renault Group to lead its digital transformation. He was appointed Managing Director of Renault Digital in 2019 and Deputy Chief Information Officer of the group. He also served as Technical Director for the Mobilize and Dacia brands, while retaining his roles as Deputy Chief Information Officer of the group and Managing Director of Renault Digital. Pierre Houlès graduated from EPITA and Sorbonne Business School.お知らせ • Mar 17Kering Appoints Jean-Marc Duplaix as Chief Executive Officer of Kering Jewelry, Effective March 16, 2026Kering announced that Jean-Marc Duplaix has been appointed Chief Executive Officer of Kering Jewelry, effective immediately. The Chief Executive Officers of the Jewelry Houses will report to him, thus strengthening strategic alignment and operational coordination. He will retain his responsibilities as Group Chief Operating Officer, including finance, M&A, investor relations, real estate, digital, and the general secretariat.ナラティブの更新 • Mar 16KER: Beauty Unit Sale Will Support Reorganization And Future Cash ReturnsAnalysts have nudged their fair value estimate for Kering slightly higher to about €302 from roughly €300, citing recent target tweaks and rating changes across firms that reflect updated earnings assumptions and modestly adjusted P/E expectations. Analyst Commentary Bullish Takeaways Bullish analysts highlight recent upgrades in rating, which they see as a sign that risk and reward are better balanced around current levels, even when paired with lower price targets.お知らせ • Mar 03+ 1 more updateKering SA Announces Executive AppointmentsKering announced a new organizational structure with the creation of two Group centers of excellence – Industry and Client – to optimize the Group's operational efficiency and support the sustainable growth of its Houses. The company announced several key appointments within these two divisions, bringing new expertise to the Group. Stéphane Noël has been appointed Chief Industrial Officer, effective April 1, 2026. He will join the Kering Executive Committee and report directly to Luca de Meo. A recognized industrial leader, Stéphane Noël brings thirty years of international experience in the management of complex, large-scale manufacturing operations, with a focus on quality and operational excellence. His mission is to structure the Group's industrial organization and strengthen upstream and downstream supply performance, while ensuring the highest standards of quality, compliance, and traceability, in close collaboration with all the Houses. Carlo Mocci has been appointed Chief Client Officer, effective May 4, 2026. He will join Kering's Executive Committee and report directly to Luca de Meo. Carlo Mocci brings to Kering decisive expertise in client-centric transformation, built over more than twenty years in operational leadership roles, particularly in retail and within B2C tech platforms. He has led data-driven global strategies and profoundly reinvented the client experience. His arrival will accelerate the rollout of the Group and the Houses’ client strategy thanks to his knowledge of international markets and his mastery of innovative growth models. Reporting to Carlo Mocci: Fedele Usai, Chief Marketing Officer, whose appointment is effective immediately. With over twenty years of experience in the luxury industry, publishing, multimedia content, and communications, he is responsible for defining the Group's marketing strategy and supporting the Houses' activities in the areas of branding, media, CRM (Customer Relationship Management) and experiences. Daniele Zito, Chief Commercial Officer, in charge of the Group’s distribution strategy, was appointed in January 2026. With extensive strategic and operational experience in the luxury industry, Daniele is responsible for defining the Group's commercial strategy for our retail (including e-commerce) and wholesale networks, in close collaboration with each of our Houses. Stéphane Noël has 30 years of international experience in the industry, with management responsibilities in France, the United Kingdom, Poland, and China. He began his career in 1996 at Hutchinson, where he held various positions in quality, strategy, and plant management before being appointed Vice President for Asia. In 2012, he joined automotive supplier OPmobility to head up the Clean Energy Systems division in Asia, then globally. He subsequently became President and CEO of the Exterior & Lighting division. In 2024, Stéphane Noël was appointed Executive Vice President of FORVIA's Seating division, where he oversaw an organization of 40,000 employees spread across 77 industrial sites and nine R&D centers in 20 countries. Stéphane Noël, a French national, holds a degree in industrial systems engineering from ISTIA (Institut des Sciences et Techniques de l'Ingénieur d'Angers). Carlo Mocci has over 20 years of international experience in consulting, retail and large B2C tech platforms. He began his career in 2000 at McKinsey & Company, where he worked with major consumer brands and retail players in Europe and the Middle East before being named a partner in 2010. In 2013, he joined Amazon Europe, where he led the transition to an integrated pan-regional model. From 2016, he held several senior management positions in the Health and Beauty business, then from 2018, he led Amazon's Food Delivery business in Europe and Japan. In 2020, Carlo became Chief Business Officer of Deliveroo, initially for the United Kingdom and Ireland, before expanding his remit to all categories, consumer functions, and products. Carlo Mocci, an Italian national, is a graduate of the Politecnico di Milano and École Centrale de Lyon and holds an MBA from INSEAD. Fedele Usai has 25 years of experience in the luxury goods industry, publishing, multimedia content, and communications. He began his career in advertising agencies before becoming CEO of TBWA Italia in 2002. From 2006 to 2009, he was Director of Communications for the Fiat Auto group before returning to TBWA Italia as CEO. He joined Condé Nast in 2012, initially as Managing Director, where he subsequently held the position of Chief Executive Officer. He then joined Dolce&Gabbana in 2021 as Director of Communications and Marketing, becoming Managing Director of the group in 2023. Fedele Usai, an Italian national, is a graduate of the Catholic University of Milan. Daniele brings a wealth of strategic and operational experience gained during his six years at Bain Consulting and nine years at Gucci, the last five of which he spent as President of Gucci Japan. An Italian national, Daniele is a graduate of Bocconi University.ナラティブの更新 • Mar 02KER: Beauty Unit Sale And Real Estate Deal Will Shape ReturnsAnalysts have adjusted their price targets on Kering, with recent Street research pointing to mixed revisions that result in a modestly higher fair value estimate of about €300, supported by updated assumptions for discount rate, revenue growth, profit margin and future P/E. Analyst Commentary Recent Street research on Kering reflects a mix of optimism and caution, with several firms adjusting their price targets in both directions over the past few weeks.ナラティブの更新 • Feb 16KER: Beauty Sale And Cash Returns Will Support Higher Future P/EAnalysts have nudged their price targets on Kering higher by around €15 in recent updates, citing mixed revisions across firms that collectively point to a more balanced view on the shares. Analyst Commentary Recent research on Kering reflects a mix of caution and renewed optimism, with Bullish analysts highlighting potential upside even as others trim expectations.お知らせ • Feb 10+ 2 more updatesKering SA Proposes Exceptional DividendKering SA announced an exceptional dividend of €1.00 per share will be proposed related to the disposal of Kering Beauté to L'Oréal, expected to be closed in the first semester of 2026. The exceptional dividend will be paid once the closing of Kering Beauté is completed and not before June 4, 2026, subject to shareholder approval at the Annual General Meeting.ナラティブの更新 • Feb 02KER: Beauty Sale And Weaker Execution Outlook Will Limit Future UpsideAnalysts have revised their fair value estimate for Kering to €178.88, up from €175.91. This change reflects updated views on the company's margin outlook and future P/E assumptions following recent mixed price target moves and commentary on the shares.ナラティブの更新 • Jan 19KER: Beauty Unit Sale To L’Oréal Will Support Higher Future P/EAnalysts have lifted their fair value estimate for Kering to €400 from €370, pointing to slightly higher assumed revenue growth, profit margins and future P/E multiples, in line with recent price target increases from major banks. Analyst Commentary Recent research points to a mix of caution and optimism around Kering, with several price target adjustments clustering in a relatively tight range.ナラティブの更新 • Jan 05KER: Beauty Business Sale Will Likely Cap Near-Term Upside For SharesThe analyst price target for Kering has been revised upward from EUR 135 to about EUR 176. Analysts cite a more constructive view on the group’s medium term growth and profitability despite mixed rating actions and concerns about a slower luxury demand backdrop.ナラティブの更新 • Dec 14KER: Beauty Unit Sale To L'Oreal Will Support Luxury Portfolio RepositioningKering's analyst price target has been raised from EUR 313.67 to EUR 370 as analysts factor in higher expected revenue growth, improved profit margins and a modestly lower discount rate, despite a mixed set of rating changes across the Street. Analyst Commentary Recent research updates on Kering present a mixed backdrop, with rising price targets and selective upgrades offset by caution on valuation and luxury sector growth.お知らせ • Dec 12Kering Announces the Reclassification of Kering Beauté as Discontinued OperationsKering has announced the reclassification of Kering Beauté as discontinued operations in its consolidated financial statements, following an agreement with L’Oréal for the sale of Kering Beauté. This reclassification is in accordance with IFRS 5 and will be effective as of December 31, 2025. The financial contributions of Kering Beauté will be isolated and presented separately within net income from discontinued operations. Comparative periods will be restated to ensure consistency across reporting periods, and the Group’s financial indicators will be presented excluding Kering Beauté, under continuing operations. The restated financial indicators for Kering Beauté show a revenue of €148 million for H1 2025 and €320 million for 2024, with recurring operating income of €49 million for H1 2025 and €114 million for 2024. The detailed financial information will be included in the 2025 Financial Document to be published on February 10, 2026.お知らせ • Dec 06Kering SA to Report Fiscal Year 2025 Results on Feb 10, 2026Kering SA announced that they will report fiscal year 2025 results Pre-Market on Feb 10, 2026Declared Dividend • Dec 05First half dividend reduced to €1.25Dividend of €1.25 is 38% lower than last year. Ex-date: 13th January 2026 Payment date: 15th January 2026 Dividend yield will be 1.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (67% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 97% over the next 3 years, which should provide support to the dividend and adequate earnings cover.お知らせ • Dec 03Kering SA Approves Interim Dividend for the Financial Year 2025, Payable on January 15, 2026At its meeting on December 2, 2025, the Board of Directors of Kering approved the payment of an interim dividend of €1.25 per share for the 2025 financial year. The interim dividend will be paid on January 15, 2026 on positions recorded as of January 14, 2026 after market close. The ex-dividend date will be January 13, 2026 before market open. The balance of the dividend for the 2025 financial year will be proposed by the Board of Directors on February 9, 2026, and subsequently submitted for approval at the Annual General Meeting on 28 May 2026.ナラティブの更新 • Nov 29KER: Sector Slowdown And Beauty Unit Sale Will Shape Returns AheadKering's analyst price target has increased from approximately €291 to €296. Analysts cite improved sentiment on valuation and brand strategy, while expressing some caution about sector growth rates and upside potential.ナラティブの更新 • Nov 14KER: Sector Slowdown And Beauty Business Sale Will Limit Gains AheadKering's analyst fair value estimate has risen modestly, up approximately EUR 7.50 to EUR 291. Analysts cite increasing price targets in response to recent shifts in sector leadership and a stable profit outlook.Buy Or Sell Opportunity • Nov 07Now 23% overvalued after recent price riseOver the last 90 days, the stock has risen 39% to €300. The fair value is estimated to be €244, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Earnings per share has declined by 43%. Revenue is forecast to grow by 1.7% in 2 years. Earnings are forecast to grow by 62% in the next 2 years.ナラティブの更新 • Oct 31KER: Beauty Unit Sale And Licensing Deal Will Shape Future Market PositionKering's analyst price target has increased from approximately €253 to €284, reflecting improved expectations for revenue growth and profitability. However, analysts continue to cite ongoing sector headwinds and valuation concerns.Price Target Changed • Oct 23Price target increased by 8.7% to €274Up from €252, the current price target is an average from 22 analysts. New target price is 21% below last closing price of €345. Stock is up 46% over the past year. The company is forecast to post earnings per share of €5.76 for next year compared to €9.24 last year.お知らせ • Oct 20L'Oréal S.A. (ENXTPA:OR) entered into binding agreement to acquire Creed Fragrance from Kering SA (ENXTPA:KER) in a transaction valued at €4 billion.L'Oréal S.A. (ENXTPA:OR) entered into binding agreement to acquire Creed Fragrance from Kering SA (ENXTPA:KER) in a transaction valued at €4 billion on October 19, 2025. A cash consideration will be paid by L'Oréal S.A. L'Oréal also pay royalties to Kering for the use of its licensed brands. The agreement also includes an exclusive venture to explore business opportunities in the field of wellness and longevity and the right for Kering to sell Kering Beauté to L’Oréal. A strategic committee will be established to ensure coordination between Kering brands and L’Oréal and monitor the progress of our partnership. The partnership includes the rights to enter into a 50-year exclusive license for the creation, development, and distribution of fragrance and beauty products for Gucci, commencing after expiration of the current license with Coty, and respecting the Kering group’s obligations as per the existing license agreement. Kering will also grant L’Oréal 50-year exclusive licenses for the creation, development, and distribution of fragrance and beauty products for Bottega Veneta and Balenciaga, starting upon closing of the announced transaction. The transaction is subject to approval by regulatory board / committee and subject to Kering’s obligations under French employment law. The transaction is expected to complete in the first half of 2026.ナラティブの更新 • Oct 17Digital Expansion And Retail Improvement Will Drive Luxury TransformationThe analyst fair value estimate for Kering has increased from €225.74 to €252.91. This change is driven by analysts noting modest improvements in revenue growth and profit margin expectations, despite ongoing uncertainty in the luxury sector.Buy Or Sell Opportunity • Oct 07Now 23% overvalued after recent price riseOver the last 90 days, the stock has risen 55% to €309. The fair value is estimated to be €251, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Earnings per share has declined by 43%. Revenue is forecast to grow by 1.4% in 2 years. Earnings are forecast to grow by 51% in the next 2 years.Price Target Changed • Oct 06Price target increased by 7.9% to €240Up from €223, the current price target is an average from 23 analysts. New target price is 18% below last closing price of €292. Stock is up 18% over the past year. The company is forecast to post earnings per share of €5.51 for next year compared to €9.24 last year.ナラティブの更新 • Oct 03Digital Expansion And Retail Improvement Will Drive Luxury TransformationKering Price Target Raised as Analysts Cite Improved Profit Outlook Kering's analyst price target rose by nearly €17 to €225.74. Analysts pointed to upgraded earnings expectations and confidence in profit margins as the key factors driving the increase.分析記事 • Sep 30Why Investors Shouldn't Be Surprised By Kering SA's (EPA:KER) 26% Share Price SurgeDespite an already strong run, Kering SA ( EPA:KER ) shares have been powering on, with a gain of 26% in the last...Price Target Changed • Sep 29Price target increased by 7.5% to €224Up from €208, the current price target is an average from 23 analysts. New target price is 22% below last closing price of €288. Stock is up 12% over the past year. The company is forecast to post earnings per share of €5.54 for next year compared to €9.24 last year.Price Target Changed • Sep 23Price target increased by 7.2% to €220Up from €205, the current price target is an average from 23 analysts. New target price is 19% below last closing price of €270. Stock is up 18% over the past year. The company is forecast to post earnings per share of €5.48 for next year compared to €9.24 last year.ナラティブの更新 • Sep 18Digital Expansion And Retail Improvement Will Drive Luxury TransformationKering’s consensus price target has risen modestly to €208.48 as bullish analysts anticipate improved brand execution and a stabilizing luxury market, though concerns persist around Gucci’s performance, Asian demand softness, and margin pressures; fair value revised up from €205.00. Analyst Commentary Bullish analysts see upside potential, triggering upgrades and higher targets based on expectations of improved brand execution and stabilizing luxury demand.お知らせ • Sep 18Kering SA Announces Elimination of Functions of Deputy CEOKering SA announced the appointment of Francesca Bellettini as President and Chief Executive Officer of Gucci, reporting to Luca de Meo, Chief Executive Officer of Kering. Jean-Marc Duplaix will continue to serve as Group Chief Operating Officer of Kering, supporting Luca de Meo in both the development of the Group and the management of its organization. As part of this change, the functions of Kering Deputy CEO will be eliminated. Francesca Bellettini joined Kering in 2003 as Strategic Planning Director and Associate Worldwide Merchandising Director of Gucci. In 2008, she joined Bottega Veneta and became Worldwide Merchandising and Communications Director in 2010. In 2013, she became President and Chief Executive Officer of Saint Laurent. In September 2023, Francesca Bellettini was appointed Kering Deputy CEO in charge of Brand Development. Prior to joining Kering, Francesca Belletini, who started her career in London as an investment banker, worked for the Business Planning and Development division of the Prada group, and later became Operations Manager for Helmut Lang.お知らせ • Sep 10Kering SA Approves Appointment of Luca De Meo as A Director, Effective September 9, 2025Kering SA announced that all resolutions submitted to the vote at the Combined General Meeting held on September 9, 2025, were approved. Shareholders overwhelmingly endorsed the appointment of Luca de Meo as a Director. This appointment is part of the separation of the roles of Chairman of the Board of Directors and Chief Executive Officer, effective as of September 15, 2025. On that date, as announced in June, Mr. de Meo will assume his role as Chief Executive Officer of the Group, while François-Henri Pinault will continue to serve as Chairman of the Board of Directors. Following this General Meeting, Kering’s Board of Directors is composed of 14 members, with an independence rate of 58% and strict gender parity. Six nationalities are represented: American, British, Chinese, French, Italian, and Turkish.ナラティブの更新 • Sep 03Digital Expansion And Retail Improvement Will Drive Luxury TransformationDespite concerns over Gucci’s weakness, margin pressure, and tepid Asia-Pacific recovery weighing on sentiment, analyst conviction in Kering’s brand revitalization and strategic repositioning has led to a modest upward revision in the consensus price target from €200.65 to €205.00. Analyst Commentary Bearish Analysts are lowering targets citing persistent weakness in Kering’s core Gucci brand and concerns over sluggish organic revenue growth.Buy Or Sell Opportunity • Aug 11Now 21% undervaluedOver the last 90 days, the stock has risen 12% to €213. The fair value is estimated to be €269, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Earnings per share has declined by 43%. Revenue is forecast to grow by 1.6% in 2 years. Earnings are forecast to grow by 53% in the next 2 years.分析記事 • Aug 06Investors Can Find Comfort In Kering's (EPA:KER) Earnings QualitySoft earnings didn't appear to concern Kering SA's ( EPA:KER ) shareholders over the last week. Our analysis suggests...Major Estimate Revision • Aug 05Consensus EPS estimates fall by 13%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €15.2b to €14.9b. EPS estimate also fell from €6.31 per share to €5.48 per share. Net income forecast to grow 19% next year vs 14% growth forecast for Luxury industry in France. Consensus price target up from €188 to €199. Share price was steady at €211 over the past week.お知らせ • Aug 04Kering Reportedly in Talks with Qatar to Sell Milan PropertyKering SA (ENXTPA:KER) is holding advanced talks with Qatar’s royal family to sell a Milan luxury property, Italian newspaper Il Corriere della Sera said. Kering may sell a majority stake in the company that owns the building it bought in 2024 for €1.3 billion ($1.5 billion), the newspaper reported, without saying where it obtained the information. Kering declined to comment on the report. Qatar Investment Authority wasn’t able to comment immediately. In April, it had been reported to be interested though the sovereign wealth fund denied the reports at the time. The French luxury company is working to sell properties in New York, Milan and Paris, it said in July as it announced a 15% sales plunge in the second quarter.Reported Earnings • Aug 01First half 2025 earnings released: EPS: €3.87 (vs €7.16 in 1H 2024)First half 2025 results: EPS: €3.87 (down from €7.16 in 1H 2024). Revenue: €7.59b (down 16% from 1H 2024). Net income: €474.0m (down 46% from 1H 2024). Profit margin: 6.2% (down from 9.7% in 1H 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings.分析記事 • Aug 01Kering SA (EPA:KER) Just Reported And Analysts Have Been Lifting Their Price TargetsAs you might know, Kering SA ( EPA:KER ) recently reported its half-year numbers. It was a credible result overall...分析記事 • Jul 14A Look At The Intrinsic Value Of Kering SA (EPA:KER)Key Insights Using the 2 Stage Free Cash Flow to Equity, Kering fair value estimate is €232 Current share price of €199...New Risk • Jul 09New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (67% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.9% average weekly change). Profit margins are more than 30% lower than last year (6.6% net profit margin).分析記事 • Jun 26Unpleasant Surprises Could Be In Store For Kering SA's (EPA:KER) SharesWhen close to half the companies in France have price-to-earnings ratios (or "P/E's") below 15x, you may consider...Buy Or Sell Opportunity • Jun 25Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 13% to €177. The fair value is estimated to be €222, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 24%. For the next 3 years, revenue is forecast to grow by 2.2% per annum. Earnings are also forecast to grow by 5.2% per annum over the same time period.お知らせ • Jun 20Kering Announces Chief Executive Officer Changes, Effective September 9, 2025The Kering Board of Directors approved the appointment of Luca de Meo as Chief Executive Officer of the Group, as recommended by the Appointments and Governance Committee. This decision, initiated by Francois-Henri Pinault, marks a decisive step in the evolution of Kering's governance and strengthens the Group's leadership as it enters a new phase of its development. As part of a renewed governance structure, the role of Chairman of the Board of Directors, held by Francois-Henri Pinault, will be separated from that of Chief Executive Officer. This governance structure is in line with best practices for major listed companies. These changes will take effect upon the decision of the Board of Directors which will be held following the Shareholder Meeting to be called for September 9, 2025. With 30 years of experience in the automotive industry, Luca de Meo was born in Milan, Italy, in 1967. He holds a degree in business administration from the Universit Commerciale Luigi Bocconi di Milano and was named Bocconi Alumnus of the Year in 2017. He began his career at Renault in 1992 before joining Toyota Europe. He then joined the Fiat Group, where he held the positions of Director of the Lancia, Fiat and Alfa Romeo divisions, CEO of Abarth and Marketing Director of the Fiat Group. In 2009, he joined the Volkswagen Group as Group and Volkswagen Brand Marketing Director. In 2012, he was appointed member of the Management Board responsible for Sales and Marketing at AUDI AG. From November 2015 to January 2020, he was President of SEAT and CUPRA, a member of the supervisory boards of Ducati and Lamborghini, and Chairman of the Board of Directors of the Volkswagen Group in Spain. Since July 2020, Luca de Meo has been CEO of the Renault Group and, since January 2021, a member of the Group's Management Board. From January 2021 to February 2023, he also served as CEO of the Renault brand. From January 2023 to December 2024, he was President of the European Automobile Manufacturers' Association (ACEA). From November 2023 to March 2025, he also served as CEO of Ampere, the European leader in zero-emission and software-defined vehicles. From April 2021 to October 2022, he was a member of the Board of Directors of TIM (Telecom Italia).分析記事 • Jun 11Is There Now An Opportunity In Kering SA (EPA:KER)?Today we're going to take a look at the well-established Kering SA ( EPA:KER ). The company's stock saw a decent share...分析記事 • May 26We Think Kering (EPA:KER) Is Taking Some Risk With Its DebtSome say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Upcoming Dividend • Apr 28Upcoming dividend of €4.00 per shareEligible shareholders must have bought the stock before 05 May 2025. Payment date: 07 May 2025. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of French dividend payers (5.5%). Higher than average of industry peers (2.0%).Major Estimate Revision • Apr 24Consensus EPS estimates fall by 23%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €16.5b to €15.7b. EPS estimate also fell from €9.12 per share to €7.04 per share. Net income forecast to shrink 25% next year vs 10% growth forecast for Luxury industry in France . Consensus price target down from €224 to €203. Share price rose 5.3% to €173 over the past week.Valuation Update With 7 Day Price Move • Apr 09Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to €157, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Luxury industry in Europe. Total loss to shareholders of 67% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €239 per share.お知らせ • Apr 04Kering SA (ENXTPA:KER) signed an agreement to acquire 100% stake in Visard Srl and unknown minority stake in Mistral Srl.Kering SA (ENXTPA:KER) signed an agreement to acquire 100% stake in Visard Srl and unknown minority stake in Mistral Srl on April 3, 2025. The transaction is subject to the clearance by the relevant competition authorities and is expected to be completed in the third quarter of 2025.Reported Earnings • Mar 20Full year 2024 earnings: EPS misses analyst expectationsFull year 2024 results: EPS: €9.24 (down from €24.38 in FY 2023). Revenue: €17.2b (down 12% from FY 2023). Net income: €1.13b (down 62% from FY 2023). Profit margin: 6.6% (down from 15% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 29% per year.お知らせ • Mar 17Kering SA, Annual General Meeting, Apr 24, 2025Kering SA, Annual General Meeting, Apr 24, 2025. Location: 40 rue de sevres, paris FranceBuy Or Sell Opportunity • Mar 14Now 24% undervalued after recent price dropOver the last 90 days, the stock has fallen 8.4% to €224. The fair value is estimated to be €293, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 24%. For the next 3 years, revenue is forecast to grow by 5.1% per annum. Earnings are also forecast to grow by 17% per annum over the same time period.新しいナラティブ • Feb 23Relaunching Iconic Gucci Products Will Boost Future Brand Desirability Kering's brand elevation and strategy to penetrate higher-value markets could lead to improved revenue mix and net margins. Major Estimate Revision • Feb 18Consensus EPS estimates fall by 15%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €12.52 to €10.64 per share. Revenue forecast steady at €17.3b. Net income forecast to grow 14% next year vs 15% growth forecast for Luxury industry in France. Consensus price target up from €248 to €254. Share price rose 11% to €274 over the past week.Declared Dividend • Feb 13Dividend of €4.00 announcedShareholders will receive a dividend of €4.00. Ex-date: 5th May 2025 Payment date: 7th May 2025 Dividend yield will be 2.2%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 69% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Feb 12Full year 2024 earnings: EPS misses analyst expectationsFull year 2024 results: EPS: €9.24 (down from €24.38 in FY 2023). Revenue: €17.2b (down 12% from FY 2023). Net income: €1.13b (down 62% from FY 2023). Profit margin: 6.6% (down from 15% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 25% per year.お知らせ • Feb 11Kering SA Proposes Final Dividend for the Year Ended December 31, 2024, Payable on May 7, 2025Kering SA announced that in its February 10, 2025, meeting, Kering’s Board of Directors resolved to ask shareholders to approve a cash dividend of €6.00 per share at the Annual General Meeting to be held on April 24, 2025, to approve the financial statements for the year ended December 31, 2024. An interim dividend of €2.00 per share was paid on January 16, 2025. If approved, a final dividend of €4.00 will be paid on May 7, 2025, on positions determined on the evening of May 6, 2025. The ex-date for the final dividend payment will be the morning of May 5, 2025.お知らせ • Feb 06Kering SA to Report Fiscal Year 2024 Results on Feb 11, 2025Kering SA announced that they will report fiscal year 2024 results at 9:00 AM, Central European Standard Time on Feb 11, 2025お知らせ • Jan 31Simon Property Group, Inc. (NYSE:SPG) acquired Design Management S.R.L. from Kering SA (ENXTPA:KER) for approximately €350 million.Simon Property Group, Inc. (NYSE:SPG) acquired Design Management S.R.L. from Kering SA (ENXTPA:KER) for approximately €350 million on January 30, 2025. The Mall Luxury Outlets operates two luxury outlet destinations in Italy, one in Leccio and the other in Sanremo. Simon Property Group, Inc. (NYSE:SPG) completed the acquisition of Design Management S.R.L. from Kering SA (ENXTPA:KER) on January 30, 2025.お知らせ • Jan 16Ardian signed a binding investment agreement to acquire 60% stake in Three highly prestigious real estate properties in Paris from Kering SA (ENXTPA:KER) for approximately €840 million.Ardian signed a binding investment agreement to acquire 60% stake in Three highly prestigious real estate properties in Paris from Kering SA (ENXTPA:KER) for approximately €840 million on January 15, 2025. The transaction is pending the fulfillment of customary conditions for real estate transactions. Upon completion Ardian will hold a 60% stake in this unique prime real estate portfolio, Kering retaining 40% of the ownership. This portfolio comprises Hôtel de Nocé, located 26, place Vendôme, and two buildings located on avenue Montaigne, at 35-37 and 56. The deal is expected to close in the first quarter of 2025.Upcoming Dividend • Jan 07Upcoming dividend of €2.00 per shareEligible shareholders must have bought the stock before 14 January 2025. Payment date: 16 January 2025. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of French dividend payers (5.6%). Higher than average of industry peers (1.7%).Buy Or Sell Opportunity • Jan 03Now 24% undervalued after recent price dropOver the last 90 days, the stock has fallen 5.2% to €224. The fair value is estimated to be €294, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has declined by 8.3%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are also forecast to grow by 10% per annum over the same time period.Buy Or Sell Opportunity • Dec 19Now 21% undervaluedOver the last 90 days, the stock has risen 4.2% to €235. The fair value is estimated to be €296, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has declined by 8.3%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings are also forecast to grow by 8.4% per annum over the same time period.New Risk • Dec 16New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (63% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin).Declared Dividend • Dec 05First half dividend of €2.00 announcedShareholders will receive a dividend of €2.00. Ex-date: 14th January 2025 Payment date: 16th January 2025 Dividend yield will be 5.1%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Buy Or Sell Opportunity • Dec 03Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 11% to €221. The fair value is estimated to be €277, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has declined by 8.3%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings are also forecast to grow by 7.4% per annum over the same time period.Major Estimate Revision • Oct 25Consensus EPS estimates fall by 12%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €17.7b to €17.2b. EPS estimate also fell from €13.30 per share to €11.69 per share. Net income forecast to shrink 23% next year vs 17% growth forecast for Luxury industry in France . Consensus price target down from €291 to €262. Share price was steady at €236 over the past week.Price Target Changed • Oct 24Price target decreased by 9.0% to €264Down from €291, the current price target is an average from 25 analysts. New target price is 14% above last closing price of €231. Stock is down 40% over the past year. The company is forecast to post earnings per share of €12.11 for next year compared to €24.38 last year.お知らせ • Oct 08Kering Announces Management ChangesKering announced the appointment of Stefano Cantino as CEO of Gucci, reporting to Francesca Bellettini, Deputy CEO of Kering in charge of Brand Development. Stefano Cantino, who joined Gucci in May 2024 as Deputy CEO and will have a seat on Kering’s Executive Committee, will succeed Jean-François Palus as of January 1, 2025. Jean-François Palus had been appointed CEO of Gucci in July 2023 with the main goal to set up the foundations of Gucci’s next chapter and hire key talents, including his successor. Stefano Cantino joined Gucci in May 2024 as Deputy CEO following a five-year career at Louis Vuitton, where he oversaw Communications and Image. Prior to his time at Louis Vuitton, Cantino, a graduate in Political Science from the University of Turin, spent 20 years in the Prada Group where he held positions of increasing responsibility in Marketing and Commercial, culminating in his role as Director of Communications and Marketing.Valuation Update With 7 Day Price Move • Sep 27Investor sentiment improves as stock rises 18%After last week's 18% share price gain to €267, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 16x in the Luxury industry in Europe. Total loss to shareholders of 54% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €472 per share.Major Estimate Revision • Jul 31Consensus EPS estimates fall by 15%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €18.7b to €18.2b. EPS estimate also fell from €16.77 per share to €14.24 per share. Net income forecast to shrink 4.2% next year vs 14% growth forecast for Luxury industry in France . Consensus price target down from €366 to €335. Share price fell 8.7% to €287 over the past week.Price Target Changed • Jul 29Price target decreased by 7.6% to €339Down from €367, the current price target is an average from 25 analysts. New target price is 19% above last closing price of €284. Stock is down 46% over the past year. The company is forecast to post earnings per share of €14.21 for next year compared to €24.38 last year.Reported Earnings • Jul 28First half 2024 earnings released: EPS: €7.16 (vs €14.60 in 1H 2023)First half 2024 results: EPS: €7.16 (down from €14.60 in 1H 2023). Revenue: €9.02b (down 11% from 1H 2023). Net income: €878.0m (down 51% from 1H 2023). Profit margin: 9.7% (down from 18% in 1H 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings.株主還元KERFR LuxuryFR 市場7D1.0%2.8%1.8%1Y38.1%-13.6%0.4%株主還元を見る業界別リターン: KER過去 1 年間で-13.6 % の収益を上げたFrench Luxury業界を上回りました。リターン対市場: KER過去 1 年間で0.4 % の収益を上げたFrench市場を上回りました。価格変動Is KER's price volatile compared to industry and market?KER volatilityKER Average Weekly Movement6.3%Luxury Industry Average Movement5.0%Market Average Movement5.5%10% most volatile stocks in FR Market10.7%10% least volatile stocks in FR Market3.0%安定した株価: KER 、 French市場と比較して、過去 3 か月間で大きな価格変動はありませんでした。時間の経過による変動: KERの 週次ボラティリティ ( 6% ) は過去 1 年間安定しています。会社概要設立従業員CEO（最高経営責任者ウェブサイト196342,565Luca de Meowww.kering.comケリングSAは、アジア太平洋、西ヨーロッパ、北米、日本、および国際的なファッション、レザーグッズ、ジュエリーの有名メゾンのコレクション開発を管理している。同社はメンズとレディースの既製服、アクセサリー、美容製品を提供している。また、革製品と靴、時計と宝飾品、眼鏡製品、香水と化粧品も提供している。グッチ、サンローラン、ボッテガ・ヴェネタ、バレンシアガ、アレキサンダー・マックイーン、ブリオーニ、ブシュロン、ポメラート、DoDo、Qeelin、ジノリ1735、ケリング・アイウェア、ケリング・ボーテのブランドで商品を提供している。以前はPPR SAとして知られていたが、2013年6月にKering SAに社名を変更した。ケリングSAは1963年に設立され、フランスのパリに本社を置いている。もっと見るKering SA 基礎のまとめKering の収益と売上を時価総額と比較するとどうか。KER 基礎統計学時価総額€29.67b収益（TTM）-€29.00m売上高(TTM)€14.68b2.0xP/Sレシオ-1,023xPER（株価収益率KER は割高か？公正価値と評価分析を参照収益と収入最新の決算報告書（TTM）に基づく主な収益性統計KER 損益計算書（TTM）収益€14.68b売上原価€4.02b売上総利益€10.66bその他の費用€10.69b収益-€29.00m直近の収益報告Dec 31, 2025次回決算日該当なし一株当たり利益（EPS）-0.24グロス・マージン72.64%純利益率-0.20%有利子負債／自己資本比率79.6%KER の長期的なパフォーマンスは？過去の実績と比較を見る配当金1.2%現在の配当利回り-1,268%配当性向KER 配当は確実ですか？KER 配当履歴とベンチマークを見るKER 、いつまでに購入すれば配当金を受け取れますか？Kering 配当日配当落ち日Jun 02 2026配当支払日Jun 04 2026配当落ちまでの日数8 days配当支払日までの日数10 daysKER 配当は確実ですか？KER 配当履歴とベンチマークを見るView Valuation企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/25 11:54終値2026/05/22 00:00収益2025/12/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Kering SA 21 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。40 アナリスト機関null nullBanco de Sabadell. S.A.Mariano SzachtmanBanco SantanderViktoria PetrovaBarclays37 その他のアナリストを表示
ライブニュース • May 21Kering Faces Labor Tensions in Italy as McQueen Layoff Protests EscalateKering employees in Italy held a strike to protest planned layoffs at the Alexander McQueen brand. Italian unions accused the company of refusing to negotiate on redeployment options or additional social safety nets. Kering stated the layoffs are part of a previously decided collective redundancy procedure tied to efforts to restore profitability at McQueen, while reaffirming its commitment to Made in Italy production and ongoing talks with unions. The tension between workforce groups and management highlights execution risks around Kering’s plan to adjust McQueen’s cost base and focus on profitability. Investors may want to watch how quickly labor relations stabilize, since extended disputes can affect brand reputation, operational continuity and potentially the timing of any planned restructuring benefits.
ナラティブの更新 • Apr 28KER: New Structure And Beauty Sale Will Support Future Cash ReturnsAnalysts have nudged their blended price target for Kering lower to about €284 from roughly €295, reflecting slightly softer assumptions on revenue growth and profit margins alongside a modestly higher discount rate, even as recent research includes both downgrades and upgrades across the Street. Analyst Commentary Recent Street research around Kering has been mixed, with both upgrades and downgrades, as well as several price target changes in both directions.
お知らせ • Apr 23Kering Announces Resignation of Jean-Pierre Denis as Director, Effective May 28, 2026Kering announced Jean-Pierre Denis submitted his resignation from his position as Director, effective at the end of the Annual General Meeting on May 28, 2026. Chairman of the Audit Committee from 2012 to 2020, then Vice-Chairman of this Committee and a member of the Remuneration and Sustainability Committees, Jean-Pierre Denis has been a Director of Kering since June 9, 2008. He has also served as Climate Change Lead since 2022.
お知らせ • Apr 21Kering SA, Annual General Meeting, May 28, 2026Kering SA, Annual General Meeting, May 28, 2026. Location: 40 rue de sevres, paris France
ナラティブの更新 • Apr 13KER: Beauty Sale And Cash Returns Will Support Rerating Despite Mixed ResearchAnalysts have trimmed their fair value estimate for Kering by around €17 to about €383 per share, as mixed recent research, including both price target cuts and upgrades, feeds into slightly higher discount rate assumptions and updated views on revenue growth, profit margins and future P/E levels. Analyst Commentary Recent research on Kering has been mixed, with some firms trimming price targets and others becoming more constructive.
お知らせ • Apr 02+ 1 more updateL'Oréal S.A. (ENXTPA:OR) completed the acquisition of Creed Fragrance from Kering SA (ENXTPA:KER).L'Oréal S.A. (ENXTPA:OR) entered into binding agreement to acquire Creed Fragrance from Kering SA (ENXTPA:KER) in a transaction valued at €4 billion on October 19, 2025. A cash consideration will be paid by L'Oréal S.A. L'Oréal also pay royalties to Kering for the use of its licensed brands. The agreement also includes an exclusive venture to explore business opportunities in the field of wellness and longevity and the right for Kering to sell Kering Beauté to L’Oréal. A strategic committee will be established to ensure coordination between Kering brands and L’Oréal and monitor the progress of our partnership. The partnership includes the rights to enter into a 50-year exclusive license for the creation, development, and distribution of fragrance and beauty products for Gucci, commencing after expiration of the current license with Coty, and respecting the Kering group’s obligations as per the existing license agreement. Kering will also grant L’Oréal 50-year exclusive licenses for the creation, development, and distribution of fragrance and beauty products for Bottega Veneta and Balenciaga, starting upon closing of the announced transaction. The transaction is subject to approval by regulatory board / committee and subject to Kering’s obligations under French employment law. The transaction is expected to complete in the first half of 2026. Centerview Partners UK LLP acted as financial advisor to Kering SA. Cédric Burford, Auriane Bijon, Arnaud de Rochebrune of Clifford Chance has advised L'Oréal. Bertrand Cardi, Christophe Vinsonneau, Forrest Alogna, Laurent Gautier, Cécile de Narp, Vincent Agulhon, Guillaume Aubron and Mathieu Duvacher of Darrois Villey Maillot Brochier advises Kering. L'Oréal S.A. (ENXTPA:OR) completed the acquisition of Creed Fragrance from Kering SA (ENXTPA:KER) on March 31, 2026. Eric Demuyt, Florent Garnie, Baptiste Piasentin, Chenwei Xu, Guillaume Legris, Guillaume Rembry, Hubert Christophe, Guillaume Exerjean, Bastien Martinez, Dean Lake, Caley Mogg, Edward Highfield, Alexis Karlins-Marchay, Ihssane Chabaa and Myriam Montillot of Eight Advisory acted as Financial Due diligence, Tax Due diligence to L’Oréal in its strategic alliance with Kering in beauty and wellness.
ライブニュース • May 21Kering Faces Labor Tensions in Italy as McQueen Layoff Protests EscalateKering employees in Italy held a strike to protest planned layoffs at the Alexander McQueen brand. Italian unions accused the company of refusing to negotiate on redeployment options or additional social safety nets. Kering stated the layoffs are part of a previously decided collective redundancy procedure tied to efforts to restore profitability at McQueen, while reaffirming its commitment to Made in Italy production and ongoing talks with unions. The tension between workforce groups and management highlights execution risks around Kering’s plan to adjust McQueen’s cost base and focus on profitability. Investors may want to watch how quickly labor relations stabilize, since extended disputes can affect brand reputation, operational continuity and potentially the timing of any planned restructuring benefits.
ナラティブの更新 • Apr 28KER: New Structure And Beauty Sale Will Support Future Cash ReturnsAnalysts have nudged their blended price target for Kering lower to about €284 from roughly €295, reflecting slightly softer assumptions on revenue growth and profit margins alongside a modestly higher discount rate, even as recent research includes both downgrades and upgrades across the Street. Analyst Commentary Recent Street research around Kering has been mixed, with both upgrades and downgrades, as well as several price target changes in both directions.
お知らせ • Apr 23Kering Announces Resignation of Jean-Pierre Denis as Director, Effective May 28, 2026Kering announced Jean-Pierre Denis submitted his resignation from his position as Director, effective at the end of the Annual General Meeting on May 28, 2026. Chairman of the Audit Committee from 2012 to 2020, then Vice-Chairman of this Committee and a member of the Remuneration and Sustainability Committees, Jean-Pierre Denis has been a Director of Kering since June 9, 2008. He has also served as Climate Change Lead since 2022.
お知らせ • Apr 21Kering SA, Annual General Meeting, May 28, 2026Kering SA, Annual General Meeting, May 28, 2026. Location: 40 rue de sevres, paris France
ナラティブの更新 • Apr 13KER: Beauty Sale And Cash Returns Will Support Rerating Despite Mixed ResearchAnalysts have trimmed their fair value estimate for Kering by around €17 to about €383 per share, as mixed recent research, including both price target cuts and upgrades, feeds into slightly higher discount rate assumptions and updated views on revenue growth, profit margins and future P/E levels. Analyst Commentary Recent research on Kering has been mixed, with some firms trimming price targets and others becoming more constructive.
お知らせ • Apr 02+ 1 more updateL'Oréal S.A. (ENXTPA:OR) completed the acquisition of Creed Fragrance from Kering SA (ENXTPA:KER).L'Oréal S.A. (ENXTPA:OR) entered into binding agreement to acquire Creed Fragrance from Kering SA (ENXTPA:KER) in a transaction valued at €4 billion on October 19, 2025. A cash consideration will be paid by L'Oréal S.A. L'Oréal also pay royalties to Kering for the use of its licensed brands. The agreement also includes an exclusive venture to explore business opportunities in the field of wellness and longevity and the right for Kering to sell Kering Beauté to L’Oréal. A strategic committee will be established to ensure coordination between Kering brands and L’Oréal and monitor the progress of our partnership. The partnership includes the rights to enter into a 50-year exclusive license for the creation, development, and distribution of fragrance and beauty products for Gucci, commencing after expiration of the current license with Coty, and respecting the Kering group’s obligations as per the existing license agreement. Kering will also grant L’Oréal 50-year exclusive licenses for the creation, development, and distribution of fragrance and beauty products for Bottega Veneta and Balenciaga, starting upon closing of the announced transaction. The transaction is subject to approval by regulatory board / committee and subject to Kering’s obligations under French employment law. The transaction is expected to complete in the first half of 2026. Centerview Partners UK LLP acted as financial advisor to Kering SA. Cédric Burford, Auriane Bijon, Arnaud de Rochebrune of Clifford Chance has advised L'Oréal. Bertrand Cardi, Christophe Vinsonneau, Forrest Alogna, Laurent Gautier, Cécile de Narp, Vincent Agulhon, Guillaume Aubron and Mathieu Duvacher of Darrois Villey Maillot Brochier advises Kering. L'Oréal S.A. (ENXTPA:OR) completed the acquisition of Creed Fragrance from Kering SA (ENXTPA:KER) on March 31, 2026. Eric Demuyt, Florent Garnie, Baptiste Piasentin, Chenwei Xu, Guillaume Legris, Guillaume Rembry, Hubert Christophe, Guillaume Exerjean, Bastien Martinez, Dean Lake, Caley Mogg, Edward Highfield, Alexis Karlins-Marchay, Ihssane Chabaa and Myriam Montillot of Eight Advisory acted as Financial Due diligence, Tax Due diligence to L’Oréal in its strategic alliance with Kering in beauty and wellness.
お知らせ • Mar 31Kering SA (ENXTPA:KER) completed the acquisition of 20% stake in Raselli Franco S.P.A.Kering SA (ENXTPA:KER) entered into an agreement to acquire 20% stake in Raselli Franco S.P.A. for approximately €120 million on December 18, 2025. A cash consideration of €115 million will be paid by Kering SA. The acquisition will be completed in several stages, starting with an initial 20% stake, with pathway to full ownership by 2032. Completion of the transaction remains subject to customary closing conditions and regulatory approvals. The transaction is expected to close in the first quarter of 2026. Donato Romano, Cristina Capitanio, Matteo Padellaro, Fabio Baglivo from Gianni & Origoni Law Firm acted as legal advisor to Kering SA (ENXTPA:KER). Giuliano Foglia, Matteo Carfagnini, Francesco Capogrossi, Sergio Mango and Carolina Castelli from Foglia & Partners, Accounting & Auditing acted as accountant to Kering SA (ENXTPA:KER). Sara Ciavorella from District Advisory acted as financial advisor to the unknown seller. Luca Picone from Hogan Lovells acted as legal advisor to the unknown seller. Kering SA (ENXTPA:KER) completed the acquisition of 20% stake in Raselli Franco S.P.A. on March 30, 2026.
ナラティブの更新 • Mar 30KER: Beauty Sale And New Structure Will Support Future Cash ReturnsAnalysts have trimmed their implied fair value for Kering from about €301.71 to €294.54, reflecting recent price target resets around €235 to €319 and slightly softer assumptions for revenue growth, profit margins, and future P/E. Analyst Commentary Recent research shows a mix of cautious and more constructive views on Kering, with several price target changes clustered between about €235 and €319 and a few rating shifts that reflect evolving expectations on execution and growth.
お知らせ • Mar 18Kering Appoints Pierre Houlès as Chief Digital, AI & IT Officer, Effective March 17, 2026Kering announced the appointment of Pierre Houlès as Chief Digital, AI, and IT Officer, effective March 17, 2026. Pierre Houlès joins the Executive Committee of Kering. His mission is to strengthen the Group’s digital strategy and accelerate the transformation of its technology architecture to support the operational and technological ambitions of Kering. He will help build a model that fully embeds innovation to enhance the performance and desirability of the Houses. Pierre Houlès’s expertise in large-scale transformation, the integration of complex systems, and the application of emerging technologies, notably artificial intelligence, will be instrumental in accelerating the development of a more integrated, innovative, and forward-looking Group. Pierre Houlès reports to Jean Marc Duplaix, Group Chief Operating Officer. From 2004 to 2011, Pierre Houlès led major transformation projects for Capgemini before joining the CANAL+ Group, where he was appointed Chief Information Officer in 2012. In 2016, Pierre Houlès joined the Renault Group to lead its digital transformation. He was appointed Managing Director of Renault Digital in 2019 and Deputy Chief Information Officer of the group. He also served as Technical Director for the Mobilize and Dacia brands, while retaining his roles as Deputy Chief Information Officer of the group and Managing Director of Renault Digital. Pierre Houlès graduated from EPITA and Sorbonne Business School.
お知らせ • Mar 17Kering Appoints Jean-Marc Duplaix as Chief Executive Officer of Kering Jewelry, Effective March 16, 2026Kering announced that Jean-Marc Duplaix has been appointed Chief Executive Officer of Kering Jewelry, effective immediately. The Chief Executive Officers of the Jewelry Houses will report to him, thus strengthening strategic alignment and operational coordination. He will retain his responsibilities as Group Chief Operating Officer, including finance, M&A, investor relations, real estate, digital, and the general secretariat.
ナラティブの更新 • Mar 16KER: Beauty Unit Sale Will Support Reorganization And Future Cash ReturnsAnalysts have nudged their fair value estimate for Kering slightly higher to about €302 from roughly €300, citing recent target tweaks and rating changes across firms that reflect updated earnings assumptions and modestly adjusted P/E expectations. Analyst Commentary Bullish Takeaways Bullish analysts highlight recent upgrades in rating, which they see as a sign that risk and reward are better balanced around current levels, even when paired with lower price targets.
お知らせ • Mar 03+ 1 more updateKering SA Announces Executive AppointmentsKering announced a new organizational structure with the creation of two Group centers of excellence – Industry and Client – to optimize the Group's operational efficiency and support the sustainable growth of its Houses. The company announced several key appointments within these two divisions, bringing new expertise to the Group. Stéphane Noël has been appointed Chief Industrial Officer, effective April 1, 2026. He will join the Kering Executive Committee and report directly to Luca de Meo. A recognized industrial leader, Stéphane Noël brings thirty years of international experience in the management of complex, large-scale manufacturing operations, with a focus on quality and operational excellence. His mission is to structure the Group's industrial organization and strengthen upstream and downstream supply performance, while ensuring the highest standards of quality, compliance, and traceability, in close collaboration with all the Houses. Carlo Mocci has been appointed Chief Client Officer, effective May 4, 2026. He will join Kering's Executive Committee and report directly to Luca de Meo. Carlo Mocci brings to Kering decisive expertise in client-centric transformation, built over more than twenty years in operational leadership roles, particularly in retail and within B2C tech platforms. He has led data-driven global strategies and profoundly reinvented the client experience. His arrival will accelerate the rollout of the Group and the Houses’ client strategy thanks to his knowledge of international markets and his mastery of innovative growth models. Reporting to Carlo Mocci: Fedele Usai, Chief Marketing Officer, whose appointment is effective immediately. With over twenty years of experience in the luxury industry, publishing, multimedia content, and communications, he is responsible for defining the Group's marketing strategy and supporting the Houses' activities in the areas of branding, media, CRM (Customer Relationship Management) and experiences. Daniele Zito, Chief Commercial Officer, in charge of the Group’s distribution strategy, was appointed in January 2026. With extensive strategic and operational experience in the luxury industry, Daniele is responsible for defining the Group's commercial strategy for our retail (including e-commerce) and wholesale networks, in close collaboration with each of our Houses. Stéphane Noël has 30 years of international experience in the industry, with management responsibilities in France, the United Kingdom, Poland, and China. He began his career in 1996 at Hutchinson, where he held various positions in quality, strategy, and plant management before being appointed Vice President for Asia. In 2012, he joined automotive supplier OPmobility to head up the Clean Energy Systems division in Asia, then globally. He subsequently became President and CEO of the Exterior & Lighting division. In 2024, Stéphane Noël was appointed Executive Vice President of FORVIA's Seating division, where he oversaw an organization of 40,000 employees spread across 77 industrial sites and nine R&D centers in 20 countries. Stéphane Noël, a French national, holds a degree in industrial systems engineering from ISTIA (Institut des Sciences et Techniques de l'Ingénieur d'Angers). Carlo Mocci has over 20 years of international experience in consulting, retail and large B2C tech platforms. He began his career in 2000 at McKinsey & Company, where he worked with major consumer brands and retail players in Europe and the Middle East before being named a partner in 2010. In 2013, he joined Amazon Europe, where he led the transition to an integrated pan-regional model. From 2016, he held several senior management positions in the Health and Beauty business, then from 2018, he led Amazon's Food Delivery business in Europe and Japan. In 2020, Carlo became Chief Business Officer of Deliveroo, initially for the United Kingdom and Ireland, before expanding his remit to all categories, consumer functions, and products. Carlo Mocci, an Italian national, is a graduate of the Politecnico di Milano and École Centrale de Lyon and holds an MBA from INSEAD. Fedele Usai has 25 years of experience in the luxury goods industry, publishing, multimedia content, and communications. He began his career in advertising agencies before becoming CEO of TBWA Italia in 2002. From 2006 to 2009, he was Director of Communications for the Fiat Auto group before returning to TBWA Italia as CEO. He joined Condé Nast in 2012, initially as Managing Director, where he subsequently held the position of Chief Executive Officer. He then joined Dolce&Gabbana in 2021 as Director of Communications and Marketing, becoming Managing Director of the group in 2023. Fedele Usai, an Italian national, is a graduate of the Catholic University of Milan. Daniele brings a wealth of strategic and operational experience gained during his six years at Bain Consulting and nine years at Gucci, the last five of which he spent as President of Gucci Japan. An Italian national, Daniele is a graduate of Bocconi University.
ナラティブの更新 • Mar 02KER: Beauty Unit Sale And Real Estate Deal Will Shape ReturnsAnalysts have adjusted their price targets on Kering, with recent Street research pointing to mixed revisions that result in a modestly higher fair value estimate of about €300, supported by updated assumptions for discount rate, revenue growth, profit margin and future P/E. Analyst Commentary Recent Street research on Kering reflects a mix of optimism and caution, with several firms adjusting their price targets in both directions over the past few weeks.
ナラティブの更新 • Feb 16KER: Beauty Sale And Cash Returns Will Support Higher Future P/EAnalysts have nudged their price targets on Kering higher by around €15 in recent updates, citing mixed revisions across firms that collectively point to a more balanced view on the shares. Analyst Commentary Recent research on Kering reflects a mix of caution and renewed optimism, with Bullish analysts highlighting potential upside even as others trim expectations.
お知らせ • Feb 10+ 2 more updatesKering SA Proposes Exceptional DividendKering SA announced an exceptional dividend of €1.00 per share will be proposed related to the disposal of Kering Beauté to L'Oréal, expected to be closed in the first semester of 2026. The exceptional dividend will be paid once the closing of Kering Beauté is completed and not before June 4, 2026, subject to shareholder approval at the Annual General Meeting.
ナラティブの更新 • Feb 02KER: Beauty Sale And Weaker Execution Outlook Will Limit Future UpsideAnalysts have revised their fair value estimate for Kering to €178.88, up from €175.91. This change reflects updated views on the company's margin outlook and future P/E assumptions following recent mixed price target moves and commentary on the shares.
ナラティブの更新 • Jan 19KER: Beauty Unit Sale To L’Oréal Will Support Higher Future P/EAnalysts have lifted their fair value estimate for Kering to €400 from €370, pointing to slightly higher assumed revenue growth, profit margins and future P/E multiples, in line with recent price target increases from major banks. Analyst Commentary Recent research points to a mix of caution and optimism around Kering, with several price target adjustments clustering in a relatively tight range.
ナラティブの更新 • Jan 05KER: Beauty Business Sale Will Likely Cap Near-Term Upside For SharesThe analyst price target for Kering has been revised upward from EUR 135 to about EUR 176. Analysts cite a more constructive view on the group’s medium term growth and profitability despite mixed rating actions and concerns about a slower luxury demand backdrop.
ナラティブの更新 • Dec 14KER: Beauty Unit Sale To L'Oreal Will Support Luxury Portfolio RepositioningKering's analyst price target has been raised from EUR 313.67 to EUR 370 as analysts factor in higher expected revenue growth, improved profit margins and a modestly lower discount rate, despite a mixed set of rating changes across the Street. Analyst Commentary Recent research updates on Kering present a mixed backdrop, with rising price targets and selective upgrades offset by caution on valuation and luxury sector growth.
お知らせ • Dec 12Kering Announces the Reclassification of Kering Beauté as Discontinued OperationsKering has announced the reclassification of Kering Beauté as discontinued operations in its consolidated financial statements, following an agreement with L’Oréal for the sale of Kering Beauté. This reclassification is in accordance with IFRS 5 and will be effective as of December 31, 2025. The financial contributions of Kering Beauté will be isolated and presented separately within net income from discontinued operations. Comparative periods will be restated to ensure consistency across reporting periods, and the Group’s financial indicators will be presented excluding Kering Beauté, under continuing operations. The restated financial indicators for Kering Beauté show a revenue of €148 million for H1 2025 and €320 million for 2024, with recurring operating income of €49 million for H1 2025 and €114 million for 2024. The detailed financial information will be included in the 2025 Financial Document to be published on February 10, 2026.
お知らせ • Dec 06Kering SA to Report Fiscal Year 2025 Results on Feb 10, 2026Kering SA announced that they will report fiscal year 2025 results Pre-Market on Feb 10, 2026
Declared Dividend • Dec 05First half dividend reduced to €1.25Dividend of €1.25 is 38% lower than last year. Ex-date: 13th January 2026 Payment date: 15th January 2026 Dividend yield will be 1.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (67% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 97% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • Dec 03Kering SA Approves Interim Dividend for the Financial Year 2025, Payable on January 15, 2026At its meeting on December 2, 2025, the Board of Directors of Kering approved the payment of an interim dividend of €1.25 per share for the 2025 financial year. The interim dividend will be paid on January 15, 2026 on positions recorded as of January 14, 2026 after market close. The ex-dividend date will be January 13, 2026 before market open. The balance of the dividend for the 2025 financial year will be proposed by the Board of Directors on February 9, 2026, and subsequently submitted for approval at the Annual General Meeting on 28 May 2026.
ナラティブの更新 • Nov 29KER: Sector Slowdown And Beauty Unit Sale Will Shape Returns AheadKering's analyst price target has increased from approximately €291 to €296. Analysts cite improved sentiment on valuation and brand strategy, while expressing some caution about sector growth rates and upside potential.
ナラティブの更新 • Nov 14KER: Sector Slowdown And Beauty Business Sale Will Limit Gains AheadKering's analyst fair value estimate has risen modestly, up approximately EUR 7.50 to EUR 291. Analysts cite increasing price targets in response to recent shifts in sector leadership and a stable profit outlook.
Buy Or Sell Opportunity • Nov 07Now 23% overvalued after recent price riseOver the last 90 days, the stock has risen 39% to €300. The fair value is estimated to be €244, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Earnings per share has declined by 43%. Revenue is forecast to grow by 1.7% in 2 years. Earnings are forecast to grow by 62% in the next 2 years.
ナラティブの更新 • Oct 31KER: Beauty Unit Sale And Licensing Deal Will Shape Future Market PositionKering's analyst price target has increased from approximately €253 to €284, reflecting improved expectations for revenue growth and profitability. However, analysts continue to cite ongoing sector headwinds and valuation concerns.
Price Target Changed • Oct 23Price target increased by 8.7% to €274Up from €252, the current price target is an average from 22 analysts. New target price is 21% below last closing price of €345. Stock is up 46% over the past year. The company is forecast to post earnings per share of €5.76 for next year compared to €9.24 last year.
お知らせ • Oct 20L'Oréal S.A. (ENXTPA:OR) entered into binding agreement to acquire Creed Fragrance from Kering SA (ENXTPA:KER) in a transaction valued at €4 billion.L'Oréal S.A. (ENXTPA:OR) entered into binding agreement to acquire Creed Fragrance from Kering SA (ENXTPA:KER) in a transaction valued at €4 billion on October 19, 2025. A cash consideration will be paid by L'Oréal S.A. L'Oréal also pay royalties to Kering for the use of its licensed brands. The agreement also includes an exclusive venture to explore business opportunities in the field of wellness and longevity and the right for Kering to sell Kering Beauté to L’Oréal. A strategic committee will be established to ensure coordination between Kering brands and L’Oréal and monitor the progress of our partnership. The partnership includes the rights to enter into a 50-year exclusive license for the creation, development, and distribution of fragrance and beauty products for Gucci, commencing after expiration of the current license with Coty, and respecting the Kering group’s obligations as per the existing license agreement. Kering will also grant L’Oréal 50-year exclusive licenses for the creation, development, and distribution of fragrance and beauty products for Bottega Veneta and Balenciaga, starting upon closing of the announced transaction. The transaction is subject to approval by regulatory board / committee and subject to Kering’s obligations under French employment law. The transaction is expected to complete in the first half of 2026.
ナラティブの更新 • Oct 17Digital Expansion And Retail Improvement Will Drive Luxury TransformationThe analyst fair value estimate for Kering has increased from €225.74 to €252.91. This change is driven by analysts noting modest improvements in revenue growth and profit margin expectations, despite ongoing uncertainty in the luxury sector.
Buy Or Sell Opportunity • Oct 07Now 23% overvalued after recent price riseOver the last 90 days, the stock has risen 55% to €309. The fair value is estimated to be €251, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Earnings per share has declined by 43%. Revenue is forecast to grow by 1.4% in 2 years. Earnings are forecast to grow by 51% in the next 2 years.
Price Target Changed • Oct 06Price target increased by 7.9% to €240Up from €223, the current price target is an average from 23 analysts. New target price is 18% below last closing price of €292. Stock is up 18% over the past year. The company is forecast to post earnings per share of €5.51 for next year compared to €9.24 last year.
ナラティブの更新 • Oct 03Digital Expansion And Retail Improvement Will Drive Luxury TransformationKering Price Target Raised as Analysts Cite Improved Profit Outlook Kering's analyst price target rose by nearly €17 to €225.74. Analysts pointed to upgraded earnings expectations and confidence in profit margins as the key factors driving the increase.
分析記事 • Sep 30Why Investors Shouldn't Be Surprised By Kering SA's (EPA:KER) 26% Share Price SurgeDespite an already strong run, Kering SA ( EPA:KER ) shares have been powering on, with a gain of 26% in the last...
Price Target Changed • Sep 29Price target increased by 7.5% to €224Up from €208, the current price target is an average from 23 analysts. New target price is 22% below last closing price of €288. Stock is up 12% over the past year. The company is forecast to post earnings per share of €5.54 for next year compared to €9.24 last year.
Price Target Changed • Sep 23Price target increased by 7.2% to €220Up from €205, the current price target is an average from 23 analysts. New target price is 19% below last closing price of €270. Stock is up 18% over the past year. The company is forecast to post earnings per share of €5.48 for next year compared to €9.24 last year.
ナラティブの更新 • Sep 18Digital Expansion And Retail Improvement Will Drive Luxury TransformationKering’s consensus price target has risen modestly to €208.48 as bullish analysts anticipate improved brand execution and a stabilizing luxury market, though concerns persist around Gucci’s performance, Asian demand softness, and margin pressures; fair value revised up from €205.00. Analyst Commentary Bullish analysts see upside potential, triggering upgrades and higher targets based on expectations of improved brand execution and stabilizing luxury demand.
お知らせ • Sep 18Kering SA Announces Elimination of Functions of Deputy CEOKering SA announced the appointment of Francesca Bellettini as President and Chief Executive Officer of Gucci, reporting to Luca de Meo, Chief Executive Officer of Kering. Jean-Marc Duplaix will continue to serve as Group Chief Operating Officer of Kering, supporting Luca de Meo in both the development of the Group and the management of its organization. As part of this change, the functions of Kering Deputy CEO will be eliminated. Francesca Bellettini joined Kering in 2003 as Strategic Planning Director and Associate Worldwide Merchandising Director of Gucci. In 2008, she joined Bottega Veneta and became Worldwide Merchandising and Communications Director in 2010. In 2013, she became President and Chief Executive Officer of Saint Laurent. In September 2023, Francesca Bellettini was appointed Kering Deputy CEO in charge of Brand Development. Prior to joining Kering, Francesca Belletini, who started her career in London as an investment banker, worked for the Business Planning and Development division of the Prada group, and later became Operations Manager for Helmut Lang.
お知らせ • Sep 10Kering SA Approves Appointment of Luca De Meo as A Director, Effective September 9, 2025Kering SA announced that all resolutions submitted to the vote at the Combined General Meeting held on September 9, 2025, were approved. Shareholders overwhelmingly endorsed the appointment of Luca de Meo as a Director. This appointment is part of the separation of the roles of Chairman of the Board of Directors and Chief Executive Officer, effective as of September 15, 2025. On that date, as announced in June, Mr. de Meo will assume his role as Chief Executive Officer of the Group, while François-Henri Pinault will continue to serve as Chairman of the Board of Directors. Following this General Meeting, Kering’s Board of Directors is composed of 14 members, with an independence rate of 58% and strict gender parity. Six nationalities are represented: American, British, Chinese, French, Italian, and Turkish.
ナラティブの更新 • Sep 03Digital Expansion And Retail Improvement Will Drive Luxury TransformationDespite concerns over Gucci’s weakness, margin pressure, and tepid Asia-Pacific recovery weighing on sentiment, analyst conviction in Kering’s brand revitalization and strategic repositioning has led to a modest upward revision in the consensus price target from €200.65 to €205.00. Analyst Commentary Bearish Analysts are lowering targets citing persistent weakness in Kering’s core Gucci brand and concerns over sluggish organic revenue growth.
Buy Or Sell Opportunity • Aug 11Now 21% undervaluedOver the last 90 days, the stock has risen 12% to €213. The fair value is estimated to be €269, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Earnings per share has declined by 43%. Revenue is forecast to grow by 1.6% in 2 years. Earnings are forecast to grow by 53% in the next 2 years.
分析記事 • Aug 06Investors Can Find Comfort In Kering's (EPA:KER) Earnings QualitySoft earnings didn't appear to concern Kering SA's ( EPA:KER ) shareholders over the last week. Our analysis suggests...
Major Estimate Revision • Aug 05Consensus EPS estimates fall by 13%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €15.2b to €14.9b. EPS estimate also fell from €6.31 per share to €5.48 per share. Net income forecast to grow 19% next year vs 14% growth forecast for Luxury industry in France. Consensus price target up from €188 to €199. Share price was steady at €211 over the past week.
お知らせ • Aug 04Kering Reportedly in Talks with Qatar to Sell Milan PropertyKering SA (ENXTPA:KER) is holding advanced talks with Qatar’s royal family to sell a Milan luxury property, Italian newspaper Il Corriere della Sera said. Kering may sell a majority stake in the company that owns the building it bought in 2024 for €1.3 billion ($1.5 billion), the newspaper reported, without saying where it obtained the information. Kering declined to comment on the report. Qatar Investment Authority wasn’t able to comment immediately. In April, it had been reported to be interested though the sovereign wealth fund denied the reports at the time. The French luxury company is working to sell properties in New York, Milan and Paris, it said in July as it announced a 15% sales plunge in the second quarter.
Reported Earnings • Aug 01First half 2025 earnings released: EPS: €3.87 (vs €7.16 in 1H 2024)First half 2025 results: EPS: €3.87 (down from €7.16 in 1H 2024). Revenue: €7.59b (down 16% from 1H 2024). Net income: €474.0m (down 46% from 1H 2024). Profit margin: 6.2% (down from 9.7% in 1H 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings.
分析記事 • Aug 01Kering SA (EPA:KER) Just Reported And Analysts Have Been Lifting Their Price TargetsAs you might know, Kering SA ( EPA:KER ) recently reported its half-year numbers. It was a credible result overall...
分析記事 • Jul 14A Look At The Intrinsic Value Of Kering SA (EPA:KER)Key Insights Using the 2 Stage Free Cash Flow to Equity, Kering fair value estimate is €232 Current share price of €199...
New Risk • Jul 09New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (67% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.9% average weekly change). Profit margins are more than 30% lower than last year (6.6% net profit margin).
分析記事 • Jun 26Unpleasant Surprises Could Be In Store For Kering SA's (EPA:KER) SharesWhen close to half the companies in France have price-to-earnings ratios (or "P/E's") below 15x, you may consider...
Buy Or Sell Opportunity • Jun 25Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 13% to €177. The fair value is estimated to be €222, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 24%. For the next 3 years, revenue is forecast to grow by 2.2% per annum. Earnings are also forecast to grow by 5.2% per annum over the same time period.
お知らせ • Jun 20Kering Announces Chief Executive Officer Changes, Effective September 9, 2025The Kering Board of Directors approved the appointment of Luca de Meo as Chief Executive Officer of the Group, as recommended by the Appointments and Governance Committee. This decision, initiated by Francois-Henri Pinault, marks a decisive step in the evolution of Kering's governance and strengthens the Group's leadership as it enters a new phase of its development. As part of a renewed governance structure, the role of Chairman of the Board of Directors, held by Francois-Henri Pinault, will be separated from that of Chief Executive Officer. This governance structure is in line with best practices for major listed companies. These changes will take effect upon the decision of the Board of Directors which will be held following the Shareholder Meeting to be called for September 9, 2025. With 30 years of experience in the automotive industry, Luca de Meo was born in Milan, Italy, in 1967. He holds a degree in business administration from the Universit Commerciale Luigi Bocconi di Milano and was named Bocconi Alumnus of the Year in 2017. He began his career at Renault in 1992 before joining Toyota Europe. He then joined the Fiat Group, where he held the positions of Director of the Lancia, Fiat and Alfa Romeo divisions, CEO of Abarth and Marketing Director of the Fiat Group. In 2009, he joined the Volkswagen Group as Group and Volkswagen Brand Marketing Director. In 2012, he was appointed member of the Management Board responsible for Sales and Marketing at AUDI AG. From November 2015 to January 2020, he was President of SEAT and CUPRA, a member of the supervisory boards of Ducati and Lamborghini, and Chairman of the Board of Directors of the Volkswagen Group in Spain. Since July 2020, Luca de Meo has been CEO of the Renault Group and, since January 2021, a member of the Group's Management Board. From January 2021 to February 2023, he also served as CEO of the Renault brand. From January 2023 to December 2024, he was President of the European Automobile Manufacturers' Association (ACEA). From November 2023 to March 2025, he also served as CEO of Ampere, the European leader in zero-emission and software-defined vehicles. From April 2021 to October 2022, he was a member of the Board of Directors of TIM (Telecom Italia).
分析記事 • Jun 11Is There Now An Opportunity In Kering SA (EPA:KER)?Today we're going to take a look at the well-established Kering SA ( EPA:KER ). The company's stock saw a decent share...
分析記事 • May 26We Think Kering (EPA:KER) Is Taking Some Risk With Its DebtSome say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Upcoming Dividend • Apr 28Upcoming dividend of €4.00 per shareEligible shareholders must have bought the stock before 05 May 2025. Payment date: 07 May 2025. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of French dividend payers (5.5%). Higher than average of industry peers (2.0%).
Major Estimate Revision • Apr 24Consensus EPS estimates fall by 23%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €16.5b to €15.7b. EPS estimate also fell from €9.12 per share to €7.04 per share. Net income forecast to shrink 25% next year vs 10% growth forecast for Luxury industry in France . Consensus price target down from €224 to €203. Share price rose 5.3% to €173 over the past week.
Valuation Update With 7 Day Price Move • Apr 09Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to €157, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Luxury industry in Europe. Total loss to shareholders of 67% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €239 per share.
お知らせ • Apr 04Kering SA (ENXTPA:KER) signed an agreement to acquire 100% stake in Visard Srl and unknown minority stake in Mistral Srl.Kering SA (ENXTPA:KER) signed an agreement to acquire 100% stake in Visard Srl and unknown minority stake in Mistral Srl on April 3, 2025. The transaction is subject to the clearance by the relevant competition authorities and is expected to be completed in the third quarter of 2025.
Reported Earnings • Mar 20Full year 2024 earnings: EPS misses analyst expectationsFull year 2024 results: EPS: €9.24 (down from €24.38 in FY 2023). Revenue: €17.2b (down 12% from FY 2023). Net income: €1.13b (down 62% from FY 2023). Profit margin: 6.6% (down from 15% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 29% per year.
お知らせ • Mar 17Kering SA, Annual General Meeting, Apr 24, 2025Kering SA, Annual General Meeting, Apr 24, 2025. Location: 40 rue de sevres, paris France
Buy Or Sell Opportunity • Mar 14Now 24% undervalued after recent price dropOver the last 90 days, the stock has fallen 8.4% to €224. The fair value is estimated to be €293, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 24%. For the next 3 years, revenue is forecast to grow by 5.1% per annum. Earnings are also forecast to grow by 17% per annum over the same time period.
新しいナラティブ • Feb 23Relaunching Iconic Gucci Products Will Boost Future Brand Desirability Kering's brand elevation and strategy to penetrate higher-value markets could lead to improved revenue mix and net margins.
Major Estimate Revision • Feb 18Consensus EPS estimates fall by 15%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €12.52 to €10.64 per share. Revenue forecast steady at €17.3b. Net income forecast to grow 14% next year vs 15% growth forecast for Luxury industry in France. Consensus price target up from €248 to €254. Share price rose 11% to €274 over the past week.
Declared Dividend • Feb 13Dividend of €4.00 announcedShareholders will receive a dividend of €4.00. Ex-date: 5th May 2025 Payment date: 7th May 2025 Dividend yield will be 2.2%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 69% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Feb 12Full year 2024 earnings: EPS misses analyst expectationsFull year 2024 results: EPS: €9.24 (down from €24.38 in FY 2023). Revenue: €17.2b (down 12% from FY 2023). Net income: €1.13b (down 62% from FY 2023). Profit margin: 6.6% (down from 15% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 25% per year.
お知らせ • Feb 11Kering SA Proposes Final Dividend for the Year Ended December 31, 2024, Payable on May 7, 2025Kering SA announced that in its February 10, 2025, meeting, Kering’s Board of Directors resolved to ask shareholders to approve a cash dividend of €6.00 per share at the Annual General Meeting to be held on April 24, 2025, to approve the financial statements for the year ended December 31, 2024. An interim dividend of €2.00 per share was paid on January 16, 2025. If approved, a final dividend of €4.00 will be paid on May 7, 2025, on positions determined on the evening of May 6, 2025. The ex-date for the final dividend payment will be the morning of May 5, 2025.
お知らせ • Feb 06Kering SA to Report Fiscal Year 2024 Results on Feb 11, 2025Kering SA announced that they will report fiscal year 2024 results at 9:00 AM, Central European Standard Time on Feb 11, 2025
お知らせ • Jan 31Simon Property Group, Inc. (NYSE:SPG) acquired Design Management S.R.L. from Kering SA (ENXTPA:KER) for approximately €350 million.Simon Property Group, Inc. (NYSE:SPG) acquired Design Management S.R.L. from Kering SA (ENXTPA:KER) for approximately €350 million on January 30, 2025. The Mall Luxury Outlets operates two luxury outlet destinations in Italy, one in Leccio and the other in Sanremo. Simon Property Group, Inc. (NYSE:SPG) completed the acquisition of Design Management S.R.L. from Kering SA (ENXTPA:KER) on January 30, 2025.
お知らせ • Jan 16Ardian signed a binding investment agreement to acquire 60% stake in Three highly prestigious real estate properties in Paris from Kering SA (ENXTPA:KER) for approximately €840 million.Ardian signed a binding investment agreement to acquire 60% stake in Three highly prestigious real estate properties in Paris from Kering SA (ENXTPA:KER) for approximately €840 million on January 15, 2025. The transaction is pending the fulfillment of customary conditions for real estate transactions. Upon completion Ardian will hold a 60% stake in this unique prime real estate portfolio, Kering retaining 40% of the ownership. This portfolio comprises Hôtel de Nocé, located 26, place Vendôme, and two buildings located on avenue Montaigne, at 35-37 and 56. The deal is expected to close in the first quarter of 2025.
Upcoming Dividend • Jan 07Upcoming dividend of €2.00 per shareEligible shareholders must have bought the stock before 14 January 2025. Payment date: 16 January 2025. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of French dividend payers (5.6%). Higher than average of industry peers (1.7%).
Buy Or Sell Opportunity • Jan 03Now 24% undervalued after recent price dropOver the last 90 days, the stock has fallen 5.2% to €224. The fair value is estimated to be €294, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has declined by 8.3%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are also forecast to grow by 10% per annum over the same time period.
Buy Or Sell Opportunity • Dec 19Now 21% undervaluedOver the last 90 days, the stock has risen 4.2% to €235. The fair value is estimated to be €296, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has declined by 8.3%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings are also forecast to grow by 8.4% per annum over the same time period.
New Risk • Dec 16New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (63% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin).
Declared Dividend • Dec 05First half dividend of €2.00 announcedShareholders will receive a dividend of €2.00. Ex-date: 14th January 2025 Payment date: 16th January 2025 Dividend yield will be 5.1%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Buy Or Sell Opportunity • Dec 03Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 11% to €221. The fair value is estimated to be €277, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has declined by 8.3%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings are also forecast to grow by 7.4% per annum over the same time period.
Major Estimate Revision • Oct 25Consensus EPS estimates fall by 12%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €17.7b to €17.2b. EPS estimate also fell from €13.30 per share to €11.69 per share. Net income forecast to shrink 23% next year vs 17% growth forecast for Luxury industry in France . Consensus price target down from €291 to €262. Share price was steady at €236 over the past week.
Price Target Changed • Oct 24Price target decreased by 9.0% to €264Down from €291, the current price target is an average from 25 analysts. New target price is 14% above last closing price of €231. Stock is down 40% over the past year. The company is forecast to post earnings per share of €12.11 for next year compared to €24.38 last year.
お知らせ • Oct 08Kering Announces Management ChangesKering announced the appointment of Stefano Cantino as CEO of Gucci, reporting to Francesca Bellettini, Deputy CEO of Kering in charge of Brand Development. Stefano Cantino, who joined Gucci in May 2024 as Deputy CEO and will have a seat on Kering’s Executive Committee, will succeed Jean-François Palus as of January 1, 2025. Jean-François Palus had been appointed CEO of Gucci in July 2023 with the main goal to set up the foundations of Gucci’s next chapter and hire key talents, including his successor. Stefano Cantino joined Gucci in May 2024 as Deputy CEO following a five-year career at Louis Vuitton, where he oversaw Communications and Image. Prior to his time at Louis Vuitton, Cantino, a graduate in Political Science from the University of Turin, spent 20 years in the Prada Group where he held positions of increasing responsibility in Marketing and Commercial, culminating in his role as Director of Communications and Marketing.
Valuation Update With 7 Day Price Move • Sep 27Investor sentiment improves as stock rises 18%After last week's 18% share price gain to €267, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 16x in the Luxury industry in Europe. Total loss to shareholders of 54% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €472 per share.
Major Estimate Revision • Jul 31Consensus EPS estimates fall by 15%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €18.7b to €18.2b. EPS estimate also fell from €16.77 per share to €14.24 per share. Net income forecast to shrink 4.2% next year vs 14% growth forecast for Luxury industry in France . Consensus price target down from €366 to €335. Share price fell 8.7% to €287 over the past week.
Price Target Changed • Jul 29Price target decreased by 7.6% to €339Down from €367, the current price target is an average from 25 analysts. New target price is 19% above last closing price of €284. Stock is down 46% over the past year. The company is forecast to post earnings per share of €14.21 for next year compared to €24.38 last year.
Reported Earnings • Jul 28First half 2024 earnings released: EPS: €7.16 (vs €14.60 in 1H 2023)First half 2024 results: EPS: €7.16 (down from €14.60 in 1H 2023). Revenue: €9.02b (down 11% from 1H 2023). Net income: €878.0m (down 51% from 1H 2023). Profit margin: 9.7% (down from 18% in 1H 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings.
