Moncler in great shape in Piazza Affari with an increase of close to 8% to 62.4 euros, flying to the top of the Ftse Mib index.
Prices were supported by the results of 2022 which closed with consolidated revenues of 2,602.9 million, up 27% at current exchange rates (+25% at constant exchange rates).
The Moncler brand achieved revenues of 2,201.8 million, +19% at constant exchange rates compared to 2021 and +36% over 2019. Double-digit growth also in the fourth quarter with revenues of 949.3 million, +16% at constant exchange rates compared to Q4 2021, and +52% on Q4 2019 with an acceleration marked in all regions.
Stone Island Brand reported revenues of $401.1 million in 2022 up 28% at constant exchange rates compared to 12 months 2021 pro forma (as the consolidation of Stone Island took place as of April 1, 2021). In the fourth quarter up 48% at constant exchange rates compared to the same period of the previous year driven by solid growth in all of the brand’s main markets.
Ebit stood at 774.5 million with an incidence on revenues of 29.8%, an increase compared to 2021 and a margin of 29.5%.
The income statement closed with a net profit of 606.7 million compared to 411.43 million in 2021, also including an extraordinary tax benefit of 92.3 million for the realignment of the tax value of the Stone Island brand.
The net financial position amounts to 818.2 million in cash (729.6 million as at 31 December 2021).
The board also approved the proposed distribution of a dividend of €1.12 per share.
Equita’s comment (Buy rating with target price of 65 euros): “We see Moncler well positioned to benefit from the reopening in China, both for the brand’s strength on the local market and for the historically high exposure to tourism; moreover, the comments on robust growth among European and American consumers represent a signal of strength compared to indications of normalization emerging from other players”.