Burberry Group: Burberry Forward delivering ongoing momentum

研报英文原文证据摘录

Burberry Group: Burberry Forward delivering ongoing momentum

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Burberry Group 15 May 2026

Company Update

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 14 May 2026 (GBP) 1,083.00

BRBY.L BRBY LN LSE BRBY

Price Target (GBP) 1,480.00

Consumer Discretionary &

Luxury ADR ISIN 52-week range (GBP) 1,371.50961.80-

BURBY US12082W2044

Luxury Goods

Burberry Forward delivering ongoing

Valuation & Risks momentum

Adam Cochrane

DB view Research Analyst

Burberry's investment case remains intact and we think visibility for future growth +44-20-754-17812

is supported by the results and conference call. In our view the stock retreated on

Do-Hyun Yoo

elevated expectations into the print, cautious consumer commentary and tougher Research Associate

FY27E comps. However, this overlooks the strong underlying LFL momentum seen +44-20-754-19487

in the business that is translating into EBIT margin recovery. We expect this to

Shwetha Ramachandran

continue, driven by better AUR and sustained brand heat, where Burberry has the

Research Associate

most visible improvement. Valuation at c.19x Cal 27E PE and moderate consensus

expectation (cons FY27E LFL +5.8%, DBe +6.6%) provides upside to risk to

earnings. As we head through FY27, we expect Burberry to continue to deliver Benjamin Yokyong-Zoega

quarter on quarter LFL improvement as we saw throughout FY26. We lower our LFL Research Analyst

+44-20-754-12338

assumptions slightly but increase gross margin and marketing opex which sees our

FY27e adj EBIT increase by +4% but FY28e lower by -5%. We maintain our 1480p

price target and re-iterate our Buy recommendation.

Key takeaways from the conference call

The confidence in sales and margin growth for FY27 was encouraging.