EarningsThe shares look up with events, with wholesale headwinds, the need to reinvest in Stone Island and demanding Q4 comparatives to put a lid on consensus estimates for now.
ValuationMoncler shares trade at 28x 2024E EPS, above its past 10-year average of 25x, making the shares fully valued in light of expected growth and stable profitability.
Wholesale HeadwindsWholesale headwinds and the need to reinvest in Stone Island to position the brand for future growth are expected to put a lid on consensus estimates for now.