Prada SpA

01913: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$27.00	Xdjpm	Sybztyrh

Prada: Solid Revenue Growth on Improved Brand Momentum

Jelena Sokolova

May 15, 2023

We are increasing our fair value estimate for Prada to HKD 48 from HKD 38 as we incorporate full-year 2022 results and first-quarter revenue into our models. Around 15% of the fair value estimate increase stems from currency moves and time value of money, while the rest is driven by our assumptions for stronger near-term growth helped by brand momentum and faster margin scaling. We still view shares as expensive at current levels.

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