Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

The two most significant elements suggesting that Prada has key competitive advantages are its enduring brand and its good returns on capital. As such, we rate Prada as a wide-moat company, signifying our belief in its ability to continue to achieve high returns and the difficulty competitors face when attempting to encroach on its brand equity. The Italian company possesses one of the most visible luxury brands in the world and continues to enjoy long-term growth prospects.Prada Group shows high margins and returns on capital, with operating margins running historically at more than 20% and returns on invested capital in the mid teens. We still see potential improvement as the store base and operating margins grow.Analysts: Philip Gorham, CFA, FRM &amp; Andreea Hotaranu

The two most significant elements suggesting that Prada has key competitive advantages are its enduring brand and its good returns on capital. As such, we rate Prada as a wide-moat company, signifying our belief in its ability to continue to achieve high returns and the difficulty competitors face when attempting to encroach on its brand equity. The Italian company possesses one of the most visible luxury brands in the world and continues to enjoy long-term growth prospects.Prada Group shows high margins and returns on capital, with operating margins running historically at more than 20% and returns on invested capital in the mid teens. We still see potential improvement as the store base and operating margins grow.Analysts: Philip Gorham, CFA, FRM &amp; Andreea Hotaranu

Prada Continues to Face Headwinds and Lags Peers, but Shares Are Undervalued and Declines Improving

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Weakness in industrial production growth in May was seen across most major sectors and economies, which clearly shows that the Euro Zone industry is struggling to gain momentum which poses a risk to our GDP outlook of 1.3% for 2016 (lowered from 1.6% after the Brexit vote).Industrial Production (IPI) in the Eurozone slowed to 0.6% y-o-y in May 2016 after having recorded a growth of 2.1% y-o-y in April 2016 on a seasonally and working day adjusted (swda) basis. On a 3 month moving average (3mma)…

Weakness in industrial production growth in May was seen across most major sectors and economies, which clearly shows that the Euro Zone industry is struggling to gain momentum which poses a risk to our GDP outlook of 1.3% for 2016 (lowered from 1.6% after the Brexit vote).Industrial Production (IPI) in the Eurozone slowed to 0.6% y-o-y in May 2016 after having recorded a growth of 2.1% y-o-y in April 2016 on a seasonally and working day adjusted (swda) basis. On a 3 month moving average (3mma)…

EUROZONE: Industrial Production GROWTh Slows ACROSS SECTORS AND COUNTRIES

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

Thematic (Sector/Industry)

Last week the immediate shock from the Brexit eased considerably. It has become clear that all the Brexit vote really did was guarantee a prolonged period of uncertainty. It has also become clear that it will take months to gauge the impact that this prolonged period of uncertainty will have on both the Eurozone and global economy.

Last week the immediate shock from the Brexit eased considerably. It has become clear that all the Brexit vote really did was guarantee a prolonged period of uncertainty. It has also become clear that it will take months to gauge the impact that this prolonged period of uncertainty will have on both the Eurozone and global economy.

What Investors Should Be Asking About A Brexit

We still rate Prada Group a wide moat and will likely clip our HKD 38 fair value estimate a few percent following the company’s analyst meeting in New York.We had already partially incorporated the financial results released ahead of the meeting; however, it now appears it might take until 2017 to return to growth....Analyst: Paul Swinand

We still rate Prada Group a wide moat and will likely clip our HKD 38 fair value estimate a few percent following the company’s analyst meeting in New York.We had already partially incorporated the financial results released ahead of the meeting; however, it now appears it might take until 2017 to return to growth....Analyst: Paul Swinand

Details From Prada Analyst Meeting Push Out Growth but Still Positive Long-Term View

<ul><li>The two most significant elements suggesting that Prada has key competitive advantages are its enduring brand and its high returns on capital.</li><li>As such, we rate Prada as a wide-moat company, signifying our belief in its ability to continue to achieve high returns and the difficulty competitors face to encroach on its brand</li><li>Prada gets about a third of its sales from Asia, excluding Japan.</li><li>Although we believe the rate of growth will be slower than the past, the group still has opportunities to develop the store base.</li><li>New stores serve to reinforce its presence from a marketing and a visibility standpoint, and luxury goods makers in some cases must lock up key locations in the top cities, making it harder for new entrants to compete.</li><li>We are also optimistic about the prestigious, younger positioned Miu Miu brand, named after Miuccia Prada.</li></ul>Analyst: Paul SwinandFull report below the fold...

The two most significant elements suggesting that Prada has key competitive advantages are its enduring brand and its high returns on capital.As such, we rate Prada as a wide-moat company, signifying our belief in its ability to continue to achieve high returns and the difficulty competitors face to encroach on its brandPrada gets about a third of its sales from Asia, excluding Japan.Although we believe the rate of growth will be slower than the past, the group still has opportunities to develop the store base.New stores serve to reinforce its presence from a marketing and a visibility standpoint, and luxury goods makers in some cases must lock up key locations in the top cities, making it harder for new entrants to compete.We are also optimistic about the prestigious, younger positioned Miu Miu brand, named after Miuccia Prada.Analyst: Paul SwinandFull report below the fold...

Prada is being affected by China and Hong Kong declines but the firm's other brands are improving.

Italy

Prada S.p.A. is an Italian fashion company that designs, manufactures, promotes and sells high-end leather goods, ready-to-wear and footwear through various brands.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Prada S.P.A. (1913 HK)

Prada Continues to Face Headwinds and Lags Peers, but Shares Are Undervalued and Declines Improving

The two most significant elements suggesting that Prada has key competitive advantages are its enduring brand and its good returns on capital. As...

Morningstar, Inc.

EUROZONE: Industrial Production GROWTh Slows ACROSS SECTORS AND COUNTRIES

Weakness in industrial production growth in May was seen across most major sectors and economies, which clearly shows that the Euro Zone industry...

Rajan Govil

What Investors Should Be Asking About A Brexit

Last week the immediate shock from the Brexit eased considerably. It has become clear that all the Brexit vote really did was guarantee a prolonged...

David Riedel

Details From Prada Analyst Meeting Push Out Growth but Still Positive Long-Term View

We still rate Prada Group a wide moat and will likely clip our HKD 38 fair value estimate a few percent following the company’s analyst meeting in...

Morningstar, Inc.

Prada is being affected by China and Hong Kong declines but the firm's other brands are improving.

The two most significant elements suggesting that Prada has key competitive advantages are its enduring brand and its high returns on capital. As...

Morningstar, Inc.

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)