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1. Company Snapshot

1.a. Company Description

Moncler S.p.A., together with its subsidiaries, designs, produces, and distributes clothing and related accessories for men, women, and children under the Moncler and Stone Island brand names.Its product portfolio includes footwear products; leather goods, such as bags, backpacks, and accessories; and sunglasses, eyeglasses, frames, and men's and women's ski goggles under the Moncler Lunettes brand.The company also offers perfume for men and women.


As of December 31, 2021, it operated 237 retail directly operated stores and 64 wholesale shop-in-shops.The company also sells its products through moncler.com, an online store.It serves in Italy, other European countries, Japan, the rest of Asia, and the Americas.


The company was formerly known as Moncler S.r.l. and changed its name to Moncler S.p.A. in October 2013.Moncler S.p.A. was founded in 1952 and is headquartered in Milan, Italy.

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1.b. Last Insights on MONC

Moncler S.p.A.'s recent performance was positively driven by its resilient Q3 performance, with sales in China and the Americas offsetting weaker performance in other geographic areas. The company's diversification into new markets, such as luxury hotel supplies, through its investment in La Bottega Collective, also contributed to growth. Additionally, partnerships with influential figures like Maria Sharapova have likely boosted brand visibility. A cautious outlook for the coming quarter notwithstanding, the company's ability to navigate regional softness and deliver better-than-expected results has instilled investor confidence.

1.c. Company Highlights

2. Weak H1 Results, But Encouraging Signs for H2

Group revenues in H1 2025 were EUR 1.226 billion, up 1% at constant FX, with Moncler brand up 1% and Stone Island down 1%. EBIT was EUR 225 million with an 18.3% margin, down from 21% last year due to higher marketing spending. Net result was EUR 153.5 million, and EPS came in at EUR 0.57, beating estimates of EUR 0.4196. The net cash position at the end of June was EUR 981 million.

Publication Date: Jul -25

📋 Highlights
  • Group Revenues: H1 2025 revenues were EUR 1.226 billion, up 1% at constant FX, with Moncler up 1% and Stone Island down 1%.
  • Profitability: EBIT was EUR 225 million with an 18.3% margin, lower than last year's 21% due to higher marketing spending.
  • Net Cash Position: The group reported a strong net cash position of EUR 981 million after a EUR 345 million dividend distribution.
  • Brand Performance: Moncler's Q2 revenues were down 2% year-on-year, while Stone Island saw Q2 revenues up 6%, driven by D2C and Asia.
  • Operating Margin Outlook: Operating margin protection is challenging due to weak like-for-like trends, with expenses controlled but outcomes uncertain.

Segment Performance

Moncler's Q2 revenues were down 2% year-on-year, mainly due to a slowdown in the D2C channel, reflecting challenging macroeconomic conditions. In contrast, Stone Island's Q2 revenues were up 6% year-on-year, driven by the D2C channel and Asia. As Roberto Eggs mentioned, "The current trading trend is still weak, with differences in traffic from day-to-day and week to week," indicating a challenging environment.

Operational Highlights

The group has a strong net cash position and a healthy net working capital of 9%. CapEx for the period was higher than last year, with an expected incidence closer to 7% by year-end. The company is also investing in its brands, with Moncler participating in the Met Gala and launching new collaborations, while Stone Island introduced its Autumn Winter 2025 collection.

Outlook and Valuation

Looking ahead, the company expects gross margin expansion for the year-end, driven by the channel mix, with the D2C business expected to grow more in the second half. Analysts estimate next year's revenue growth at 6.7%. With a P/E Ratio of 20.77 and an EV/EBITDA of 12.59, the stock appears reasonably valued. The Dividend Yield of 2.65% and Free Cash Flow Yield of 6.27% are also attractive. ROE stands at 19.15%, indicating good profitability.

Guidance and Store Openings

The company has guided for a medium to high single-digit decline in Moncler's wholesale revenue, while Stone Island's wholesale is expected to improve in H2 compared to H1. The company plans to continue opening stores, with 2/3 of openings between August and December, and a similar plan expected for 2026.

3. NewsRoom

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Bubble talk has not damped Silicon Valley AI rush

Nov -27

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Does Regional Revenue Pressure Hint at Shifting Growth Priorities for Moncler (BIT:MONC)?

Oct -30

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Moncler Group Proves Resilient, Posts a Better-than-expected Performance in Q3

Oct -28

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LVMH sales beat on higher China demand sparks luxury share rally

Oct -15

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Italian Hotel Supplies Specialist La Bottega Collective Readies for Growth

Sep -22

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Moncler’s Ruffini Family Invests in Luxury Hotel Supplies Group La Bottega

Sep -12

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Assessing Moncler (BIT:MONC) Stock Valuation in Light of Recent Flat Performance

Sep -09

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Maria Sharapova's Path From the Tennis Court to the Boardroom

Sep -04

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.93%)

6. Segments

Moncler

Expected Growth: 9.0%

Moncler's 9.0% growth driven by strong brand recognition, increasing demand for luxury outerwear, expansion into new markets, and strategic partnerships. Effective omnichannel strategy and investments in e-commerce also contributed to growth. Additionally, the company's focus on sustainability and digital marketing helped to attract a younger demographic and increase brand loyalty.

Stone Island

Expected Growth: 8.5%

Stone Island's 8.5% growth is driven by its strong brand reputation, increasing popularity among younger generations, and successful expansion into new markets. The brand's focus on innovative and high-quality products, as well as its strategic marketing efforts, have also contributed to its growth. Additionally, Moncler's acquisition has brought in new resources and expertise, further fueling Stone Island's expansion.

7. Detailed Products

Down-filled Jackets

High-quality, insulated jackets filled with down feathers for exceptional warmth and lightweight comfort

Parkas

Water-resistant and insulated parkas designed for extreme cold weather conditions

Trench Coats

Water-resistant and breathable trench coats with a stylish, urban design

Knitwear

Luxurious, high-quality knitwear including sweaters, hats, and scarves

Accessories

Stylish and functional accessories including hats, scarves, gloves, and bags

Children's Wear

High-quality, stylish clothing for children, including jackets, coats, and accessories

8. Moncler S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Moncler S.p.A. operates in the luxury fashion industry, where substitutes are limited. However, the company faces competition from other luxury brands, which could be considered substitutes.

Bargaining Power Of Customers

Moncler S.p.A.'s customers have limited bargaining power due to the company's strong brand reputation and high-end product offerings.

Bargaining Power Of Suppliers

Moncler S.p.A. relies on a network of suppliers for raw materials and manufacturing. While the company has some bargaining power, suppliers also have some leverage due to the high-quality materials required for luxury products.

Threat Of New Entrants

The luxury fashion industry has high barriers to entry, making it difficult for new entrants to compete with established brands like Moncler S.p.A.

Intensity Of Rivalry

The luxury fashion industry is highly competitive, with many established brands competing for market share. Moncler S.p.A. faces intense rivalry from other luxury brands, which can impact its market share and pricing power.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 6.16%
Debt Cost 3.95%
Equity Weight 93.84%
Equity Cost 9.37%
WACC 9.03%
Leverage 6.56%

11. Quality Control: Moncler S.p.A. passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Van de Velde

A-Score: 6.8/10

Value: 5.9

Growth: 4.2

Quality: 7.4

Yield: 9.4

Momentum: 5.5

Volatility: 8.3

1-Year Total Return ->

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LPP

A-Score: 5.7/10

Value: 3.8

Growth: 8.0

Quality: 5.7

Yield: 6.2

Momentum: 6.0

Volatility: 4.7

1-Year Total Return ->

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Hugo Boss

A-Score: 5.5/10

Value: 7.4

Growth: 5.1

Quality: 5.6

Yield: 4.4

Momentum: 5.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Moncler

A-Score: 5.2/10

Value: 3.2

Growth: 7.4

Quality: 8.1

Yield: 3.8

Momentum: 3.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Redrow

A-Score: 4.9/10

Value: 6.7

Growth: 3.8

Quality: 7.4

Yield: 4.4

Momentum: 4.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Zegna

A-Score: 4.3/10

Value: 4.4

Growth: 5.6

Quality: 4.4

Yield: 2.5

Momentum: 6.5

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

57.72$

Current Price

57.72$

Potential

-0.00%

Expected Cash-Flows