Burberry FY26 Results - Model Update

研报英文原文证据摘录

Burberry FY26 Results - Model Update

C A Z E N O V E Europe Equity Research

14 May 2026

Burberry Underweight

BRBY.L, BRBY LN

FY26 Results - Model Update Price (13 May 26):1,163p

▲Price Target (Dec-27):980p

Prior (Dec-27):950p

We have updated our model following the release of the FY26 results this morning

(see our first take). We have left our top-line estimates broadly unchanged while European Luxury & Sporting Goods

our EBIT estimates for FY27 and beyond move up by 2% as we model a higher Chiara Battistini AC

gross margin profile, banking in the H2 underlying improvement performance; our (39-02) 8895-2700

price target moves to £9.8 (£9.5) on these changes. Overall, we are modelling top- chiara.x.battistini@jpmorgan.com

J.P. Morgan Securities plc/ J.P. Morgan Securities

line growth at around 4% in FY27 and strong margin expansion (+300bps in FY27 (Asia Pacific) Limited

and another +150bps in FY28); still these assumptions leave us MSD% below Wendy Liu

consensus for this year and low double-digit below for the outer years. In this (44-20) 3493-9733

context, while it is encouraging to see the progress on the stabilisation of the wendy.liu@jpmorgan.com

business, notably in core product categories, we think this is already largely J.P. Morgan Securities plc

reflected in market expectations and positioning. We continue to see execution risk Apurva Vishwaraj

as Burberry’s work now expands into less core categories such as handbags and apurva.vishwaraj@jpmchase.com

J.P. Morgan Securities plc

accessories, notably in a year where competition from leather goods brands should

Victoria Sadenintensify following all the changes in creative designers last year, and the base

(44-20) 3493-0435

becomes tougher from here. victoria.saden@jpmorgan.com

Key takeaways from the call: