Prada SpA

01913: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$46.00	Xrhgr	Mrwgrkht

Prada Delivers Strong Growth, Improved Profits, While Rationalizing Wholesale Distribution

Jelena Sokolova

Mar 14, 2022

We are increasing our fair value estimate for narrow-moat Prada to HKD 36.50 from HKD 33.50. Our increase stems from time value of money, currency moves, and our more favorable view on near-term profitability development (our long-term expectations for low-20s operating margin remain intact). The recent sell-off has left Prada shares trading approximately in line with our new fair value estimate.

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