Aankondiging • Apr 23
Kering Announces Resignation of Jean-Pierre Denis as Director, Effective May 28, 2026 Kering 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. Aankondiging • Apr 21
Kering SA, Annual General Meeting, May 28, 2026 Kering SA, Annual General Meeting, May 28, 2026. Location: 40 rue de sevres, paris France Aankondiging • Mar 31
Kering 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. Aankondiging • Mar 18
Kering Appoints Pierre Houlès as Chief Digital, AI & IT Officer, Effective March 17, 2026 Kering 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. Aankondiging • Mar 17
Kering Appoints Jean-Marc Duplaix as Chief Executive Officer of Kering Jewelry, Effective March 16, 2026 Kering 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. Aankondiging • Dec 12
Kering Announces the Reclassification of Kering Beauté as Discontinued Operations Kering 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. Aankondiging • Dec 06
Kering SA to Report Fiscal Year 2025 Results on Feb 10, 2026 Kering SA announced that they will report fiscal year 2025 results Pre-Market on Feb 10, 2026 Declared Dividend • Dec 05
First half dividend reduced to €1.25 Dividend 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. Aankondiging • Dec 03
Kering SA Approves Interim Dividend for the Financial Year 2025, Payable on January 15, 2026 At 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. Buy Or Sell Opportunity • Nov 07
Now 23% overvalued after recent price rise Over 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. Price Target Changed • Oct 23
Price target increased by 8.7% to €274 Up 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. Aankondiging • Oct 20
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. 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. Buy Or Sell Opportunity • Oct 07
Now 23% overvalued after recent price rise Over 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 06
Price target increased by 7.9% to €240 Up 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. Price Target Changed • Sep 29
Price target increased by 7.5% to €224 Up 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 23
Price target increased by 7.2% to €220 Up 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. Aankondiging • Sep 18
Kering SA Announces Elimination of Functions of Deputy CEO Kering 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. Aankondiging • Sep 10
Kering SA Approves Appointment of Luca De Meo as A Director, Effective September 9, 2025 Kering 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. Buy Or Sell Opportunity • Aug 11
Now 21% undervalued Over 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. Major Estimate Revision • Aug 05
Consensus 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. Aankondiging • Aug 04
Kering Reportedly in Talks with Qatar to Sell Milan Property Kering 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 01
First 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. New Risk • Jul 09
New minor risk - Share price stability The 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). Buy Or Sell Opportunity • Jun 25
Now 20% undervalued after recent price drop Over 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. Aankondiging • Jun 20
Kering Announces Chief Executive Officer Changes, Effective September 9, 2025 The 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). Upcoming Dividend • Apr 28
Upcoming dividend of €4.00 per share Eligible 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 24
Consensus 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 09
Investor 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. Aankondiging • Apr 04
Kering 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 20
Full year 2024 earnings: EPS misses analyst expectations Full 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. Aankondiging • Mar 17
Kering SA, Annual General Meeting, Apr 24, 2025 Kering SA, Annual General Meeting, Apr 24, 2025. Location: 40 rue de sevres, paris France Buy Or Sell Opportunity • Mar 14
Now 24% undervalued after recent price drop Over 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. Major Estimate Revision • Feb 18
Consensus 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 13
Dividend of €4.00 announced Shareholders 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 12
Full year 2024 earnings: EPS misses analyst expectations Full 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. Aankondiging • Feb 11
Kering SA Proposes Final Dividend for the Year Ended December 31, 2024, Payable on May 7, 2025 Kering 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. Aankondiging • Feb 06
Kering SA to Report Fiscal Year 2024 Results on Feb 11, 2025 Kering SA announced that they will report fiscal year 2024 results at 9:00 AM, Central European Standard Time on Feb 11, 2025 Aankondiging • Jan 31
Simon 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. Aankondiging • Jan 16
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. 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 07
Upcoming dividend of €2.00 per share Eligible 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 03
Now 24% undervalued after recent price drop Over 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 19
Now 21% undervalued Over 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 16
New minor risk - Share price stability The 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 05
First half dividend of €2.00 announced Shareholders 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 03
Now 20% undervalued after recent price drop Over 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 25
Consensus 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 24
Price target decreased by 9.0% to €264 Down 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. Aankondiging • Oct 08
Kering Announces Management Changes Kering 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 27
Investor 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 31
Consensus 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 29
Price target decreased by 7.6% to €339 Down 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 28
First 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. 
