Salvatore Ferragamo SpA

SFER: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€3.30	Khs	Cvmlfcmsg

Salvatore Ferragamo Earnings: Revenue Down 6.5%, but We're Maintaining Fair Value Estimate

Jelena Sokolova

Apr 21, 2023

We are currently maintaining our fair value estimate of EUR 16 for no-moat Ferragamo as we update our model following the release of first-quarter earnings. After a solid recovery seen in the first quarter of 2022 following two years of heavily COVID-19-affected revenue, the first quarter of 2023 saw a decline in total revenue once more by 6.5%. We currently view shares as fairly valued.

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