Burberry Group (BRBY LN): Buy: Expedition with Burberry

研报英文原文证据摘录

Burberry Group (BRBY LN): Buy: Expedition with Burberry

24 June 2026

Burberry Group (BRBY LN) EquitiesGlobal Luxury Goods

Buy: Expedition with Burberry United Kingdom

◆ Burberry Forward strategy visibly bearing fruit, with many

MAINTAIN BUY

culturally relevant activations

TARGET PRICE (GBp) PREVIOUS TARGET (GBp)◆ Q1FY27 comparable sales data due 17 July; we expect retail

comp sales up 5% organically, broadly in line with Q4 1,400 1,525

◆ Maintain Buy, TP cut to 1,400p (from 1,525p) on back of SHARE PRICE (GBp) UPSIDE/DOWNSIDE

lower earnings estimates, including a lower FX tailwind 1,070 +30.8%

(as of 23 Jun 2026)

Burberry Forward strategy is resonating and visibly delivering momentum. MARKET DATA

Market cap (GBPm) 3,863 Free float 100%

Management’s execution of the Burberry Forward strategy successfully transitioned the Market cap (USDm) 5,118 BBG BRBY LN

brand back to retail comparable sales growth last year, underpinned by a disciplined 3m ADTV (USDm) 30 RIC BRBY.L

focus on relevance, product authority, and right price architecture. The strategy structured

FINANCIALS AND RATIOS (GBp)

around reconnecting the brand with its British heritage, outdoor roots, and building Year to 03/2026a 03/2027e 03/2028e 03/2029e

momentum on culturally relevant events is working. One of the best examples of building HSBC EPS 15.27 39.36 60.23 73.72

HSBC EPS (prev) 29.12 44.51 66.76 na

on locally relevant activations is the three parts series, with part one recently unveiled, Change (%) -47.6 -11.6 -9.8 na

about China. To mark its 170th anniversary, Burberry has started to release a Consensus EPS 19.59 39.74 56.96 74.76

PE (x) 70.1 27.2 17.8 14.5

documentary series, “Expedition with Burberry,” starring ambassador Chen Kun. In Dividend yield (%) 0.0 0.0 0.0 0.0