Salvatore Ferragamo: Model update

研报英文原文证据摘录

Salvatore Ferragamo: Model update

Equity Research

European Luxury Goods & Specialty Retail

5 June 2026

Salvatore Ferragamo

Model update

We make small changes to our Ferragamo numbers reflecting

mostly housekeeping. We maintain our UW rating.

SFER.MI/SFER IM UNDERWEIGHT

Unchanged

Housekeeping on Ferragamo: We make small changes to our Ferragamo numbers reflecting

European Luxury Goods &

mostly housekeeping (better reflection of Q1 numbers, FX update, share buyback news...). We Specialty Retail NEUTRAL

currently expect FY26 sales of EUR975m including Retail at EUR779m, up 5% at constant fx, and Unchanged

EBIT of EUR31m. Price Target EUR 5.70

raised 4% from EUR 5.50

We increase our PT to EUR 5.7 vs EUR 5.5 before and slightly increase FY27and FY28 EPS by 1%. Price (04-Jun-26) EUR 9.31

Our PT still gives us a significant downside and as such we remain UW. We note that despite Potential Upside/Downside -38.7%

improving trends in Retail, the brand still sees limited change in the Chinese market (as seen Source: Bloomberg, Barclays Research

during the Q1 sales update) and wholesale weakness continues to drag total revenue in FY26.

Market Cap (EUR mn) 1570SFER.MI: Financial and Valuation Metrics EPS (EUR)

Shares Outstanding (mn) 168.79

FY Dec 2024 2025 2026 2027 2028 Free Float (%) 37.89

EPS 0.09A -0.02A 0.01E 0.10E 0.18E 52 Wk Avg Daily Volume (mn) 0.5

Previous EPS 0.09A -0.02A 0.01E 0.10E 0.18E Dividend Yield (%) N/A

Consensus EPS -0.40A -0.30A 0.02E 0.14E 0.23E Return on Equity TTM (%) -8.17

P/E 99.0 N/A N/A 88.6 50.3 Current BVPS (EUR) 3.57

Source: Bloomberg

Consensus numbers are from Bloomberg received on 04-Jun-2026; 12:50 GMT

Source: Barclays Research

Price Performance Exchange-MIL

52 Week range EUR 10.07-4.35

Source: IDC

Link to Barclays Live for interactive charting