Ermenegildo Zegna: Unjustified Sell-Off (Rating Upgrade) [Seeking Alpha]
Ermenegildo Zegna N.V. (ZGN)
Company Research
Source: Seeking Alpha
Here at the Lab, we believe this sell-off is unjustified, given the company's long-term growth potential. Higher DPS, solid balance sheet, quiet luxury upside, and a discount P/E to peers make Zegna (once again) a buy. Last week, Ermenegildo Zegna N.V. ( NYSE: ZGN ) released its Q4 and FY 2023 earnings results. Here at the Lab, we perfectly timed the market with a rating downgrade , and following a 20% stock price drop (Fig 1), we believe we are back in buy territory again. In our last assessment, we explained how the company valuation was aligned with its closest peers, and following the December Capital Market Day, Wall Street sell-side analysts were incorporating higher sales guidance. While the company continues to reiterate its long-term sales and EBIT growth outlook, Zegna Q1 organic sales are expected to decline by a mid-single-digit rate (Fig 2). Furthermore, it is crucial to note two critical negative factors in our analysis. Firstly, Kering performance has significant
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ZGN
News
- Revenues at Zegna drop 5% in Q1, dragged by Thom Browne brand [Reuters]Reuters
- Ermenegildo Zegna Group Reported Q1 2024 Revenues of €463 Million1, up 8%2 YoY, Driven by Zegna Brand and the Integration of Tom Ford Fashion [Yahoo! Finance]Yahoo! Finance
- Ermenegildo Zegna Group Reported Q1 2024 Revenues of €463 Million¹, up 8%² YoY, Driven by Zegna Brand and the Integration of Tom Ford FashionBusiness Wire
- Armani 'Doesn't Rule Out' Merger or IPO In Succession Plan [Yahoo! Finance]Yahoo! Finance
- Armani 'Doesn't Rule Out' Merger or IPO In Succession Plan [BNN Bloomberg (Canada)]BNN Bloomberg
ZGN
Sec Filings
- 4/23/24 - Form 6-K
- 4/15/24 - Form 6-K
- 4/9/24 - Form 144
- ZGN's page on the SEC website