Moncler SpA

MONC: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€76.80	Kpdgnb	Hzyytnntf

Moncler Delivers Solid Growth in Q4, China Especially Impressive; Shares Expensive

Jelena Sokolova

Mar 1, 2023

We don’t expect to materially change our EUR 41.50 fair value estimate for narrow-moat Moncler as the company reported full-year results a bit ahead of our and consensus estimates. Revenue came in at EUR 2.6 billion and operating profit at EUR 774.5 million, both around 4% higher than our estimates. Operating margin reached 29.8%, up 30 basis points from the prior year and matching our forecasts. Both Moncler brand and Stone Island brand revenue exceeded expectations.

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