Quiet luxury, Loud growth, Muted multiple. Initiate with Buy

研报英文原文证据摘录

Quiet luxury, Loud growth, Muted multiple. Initiate with Buy

Deutsche Bank

Research

Rating Company Date

Buy Brunello Cucinelli 26 June 2026

Initiation of Coverage

Europe

Italy

Reuters Bloomberg Exchange Ticker Price at 24 Jun 2026 (EUR) 82.42

BCU.MI BC IM MIL BCU

Price Target (EUR) 96.80

Consumer Discretionary &

ADR ISIN 52-week range (EUR) 109.20 - 70.34

Luxury

BCUCY US11687Q1094

Luxury Goods

Quiet luxury, Loud growth, Muted

Valuation & Risks multiple. Initiate with Buy

Do-Hyun Yoo

Multi-year returns underpinned by double digit EPS growth Research Associate

We see Brunello Cucinelli capable of delivering 25-28E EPS CAGR of c.15%. Our +44-20-754-19487

forecasts anchor on the consistent execution its c.10% cFX sales growth algo.

Adam Cochrane

This is driven by the precise intersection of its growing top-end luxury target market, Research Analyst

purposefully catered everyday wardrobe offering that leads to long-term higher +44-20-754-17812

average spend, and brand resonance through its philosophy 'Humanistic

Andre Juillard

Capitalism'. We also assume a more gradual EBIT margin expansion based on its

Research Analyst

more mature operational structure.

+33-1-4495-6585

Shwetha Ramachandran

Trading at discount due to back to back de-rating events

Research Associate

The stock trades on 33x 12m fwd P/E, a 30% pt discount to its historical premium

vs. LVMH and the STOXX. The discount today is the result of four main de-rating

events that have occurred over the last twelve months, during which the company Benjamin Yokyong-Zoega

has consistently delivered. The shares have re-rated from March lows on the back

+44-20-754-12338

of a strong 1Q26, but we expect shares to re-rate as the brand executes its growth

algorithm.

Price/price relative