Prada SpA: Conf call feedback: Positive despite ST volatility

研报英文原文证据摘录

Prada SpA: Conf call feedback: Positive despite ST volatility

margin UBS Cons.

declined c.500bps, with around two-thirds of the dilution attributable to Versace and 12/26E 0.31 0.31

the remainder to FX. While management avoided providing detailed H2 guidance, the 12/27E 0.33 0.34

CFO noted that FX headwinds on both sales and profitability should be less pronounced 12/28E 0.35 0.38

in H2, while marketing spend as a percentage of sales is still expected to be in line with,

or slightly above, last year, following a lower-than-expected level in H1 due to phasing. Robert Krankowski

Analyst

robert.krankowski@ubs.com

Versace progressing as planned, with Peter Mulier's first collection in 2027 +44-20-7568 1152

Management reiterated that Versace's performance has been in line with expectations,

Zuzanna Pusz, CFA

with no negative surprises since the acquisition closed in December 2025. Progress on

integration, organisational alignment, synergies and retail execution was described as zuzanna.pusz@ubs.com

encouraging, although management emphasised a gradual and fully integrated +39 027 2100 226

turnaround rather than a rapid recovery. The next major catalyst will be Peter Mulier's

creative direction, with his first collection (La Vacanza) set to debut in May 2027 and

rollout across the network through 2028. In the meantime, management continues to

optimise the retail footprint, guiding to a slightly smaller store base with fewer than 10

additional closures over the next 12 months before selectively pursuing relocation and

expansion opportunities from 2028 onward.

Valuation: Neutral, HK$39.1 price target

Prada currently trades on 13.6x and 12.9x 2026e and 2027e P/E for 3-yr sales and EPS

CAGRs (26e-29e) of +4% and +6%, respectively. We value it using DCF and relative P/E.