Masroor Siddiqui Tabs Salvatore Ferragamo For Growth In Luxury Goods

Ira Sohn London: Masroor Siddiqui, Managing Partner, Naya Management LLP.

Trade Idea: Salvatore Ferragamo Italia SpA (BIT:SFER) (OTCMKTS:SFRGY). Short: Essilor International Cmpgn Gnl d'Opq SA (EPA:EI) (OTCMKTS:ESLOY)

Price Target: E35 target price, 40% upside from current levels. E60 of Essilor current price is E80

Valuation:

Themes:

Masroor Siddiqui on Salvatore Ferragamo

European company but only 25% of sales are within Europe. Luxury company, most of sales from footwear. Emerging market growth of luxury goods. Low single-digit sales growth expected 12-15. Underpriced vs. peers such as Burberry historically, plenty...