Investment Detail Report | Release date 11-01-2023 | Currency: USD | Industry: Apparel Manufacturing Page 1 of 1

Moncler SpA ADR MONRY ESG Risk Rating Assessment1

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4-Jan-2023
Moncler group consists of its namesake brand and Stone Fair Value Uncertainty Economic Moat Sector Style Market Cap (Mil) Sales (Mil) Last Close
Island (acquired in 2021). The Moncler brand is one of the — Medium Narrow Consumer Cycl Large Growth 14,982 2,343 52.56
leading players in luxury outerwear. It is globally present with
34% of sales generated in EMEA, 17% in the Americas, and High — — — — 28.53 45.21 47.75 59.65 80.41 74.07 52.56 10 Yr Range(High/Low)
Low — — — — 24.05 28.53 34.71 29.45 56.25 36.75 52.56 80.41-24.05
49% in Asia and rest of the world. Most of the company’s
180.0 52 Wk Range(High/Low)
sales are direct-to-consumer, with almost 80% generated 70.60-36.75
75.0
through the own-retail channel. Around 75%-80% of revenue Price Volatility
31.0
is generated in the core outerwear segment, with the Monthly High/Low
remainder in the accessory, knitwear, and footwear 12.0 Rel Strength to S&P 500
categories. Recently acquired Stone Island contributed 5.0 Split
around 15% to pro forma revenue in 2021. 1.0
4,000.0 Trading Volume
0
2017 2018 2019 2020 2021 2022 YTD Stock Performance
— — — — — 55.7 5.0 29.9 19.8 -25.4 0.0 Total Return %
Growth Rates (Compound Annual) — — — — — 64.6 -17.9 24.3 -5.3 -19.5 -3.4 +/- Market
Grade: 1 Yr 3 Yr 5 Yr 10 Yr — — — — — 64.3 -18.4 38.7 7.2 17.1 -10.8 +/- Industry
Revenue % 42.1 13.0 14.5 14.8 — — — — 0.7 0.7 1.0 — 0.8 1.2 1.2 Dividend Yield %
Operating Income % 57.1 11.8 14.2 18.9 5454 — — — 7790 8264 11325 15588 19540 14184 14982 Market Cap €Mil
Earnings/Share % 24.6 3.9 13.5 20.9
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 TTM Financials (EUR)
Dividends % — 17.0 — —
489 581 694 880 1040 1194 1420 1628 1440 2046 2343 Revenue €Mil
Book Value/Share % 44.0 29.4 27.0 —
69.7 71.3 72.3 74.4 75.8 76.9 77.5 77.7 75.7 76.6 75.9 Gross Margin %
Stock Total Return -25.0 5.1 13.7 —
146 173 207 264 298 341 414 492 369 579 673 Oper Income €Mil
+/- Industry 8.6 16.9 20.3 —
+/- Market -22.0 -3.3 6.2 — 29.8 29.7 29.8 30.0 28.6 28.6 29.2 30.2 25.6 28.3 28.7 Operating Margin %
29 76 130 168 196 250 332 359 300 394 554 Net Income €Mil
Profitability Analysis 0.12 0.37 0.52 0.67 0.78 0.98 1.31 1.42 1.18 1.47 2.06 Earnings Per Share €
Grade: Current 5 Yr Avg Ind Mkt — — — — — 0.18 0.28 0.40 0.00 0.45 0.59 Dividends €
Return on Equity % 23.9 26.8 18.0 15.8 250 250 250 250 252 255 254 252 253 266 269 Shares Mil
Return on Assets % 14.6 16.3 6.2 4.7 — — — — — 3.47 3.94 4.47 6.28 9.00 9.95 Book Value Per Share €
Revenue/Employee €K 465.5 399.6 — 0.0
89 90 142 182 277 314 466 589 406 865 683 Oper Cash Flow €Mil
Fixed Asset Turns 2.5 5.1 4.8 —
-29 -34 -50 -68 -63 -73 -92 -124 -93 -132 -118 Cap Spending €Mil
Inventory Turns 1.7 2.0* 2.4 —
60 56 91 114 214 241 374 465 314 733 564 Free Cash Flow €Mil
Gross Margin % 75.9 76.9 50.5 —
Operating Margin % 28.7 28.4 8.8 — 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 TTM Profitability
Net Margin % 23.7 21.3 6.5 19.7 3.5 9.2 14.9 17.3 18.1 19.7 22.1 17.1 11.3 11.2 14.6 Return on Assets %
Free Cash Flow/Rev % 24.1 26.5 -1.3 — 12.4 27.9 35.9 34.8 31.4 30.7 33.4 30.2 20.5 19.1 23.9 Return on Equity %
R&D/Rev % — — — — 0.59 0.70 0.79 0.91 0.96 0.94 0.94 0.78 0.54 0.58 0.62 Asset Turnover
5.9 13.1 18.8 19.1 18.8 20.9 23.4 22.0 20.9 19.2 23.7 Net Margin %
Financial Position (EUR) 3.5 2.7 2.2 1.9 1.6 1.5 1.5 2.0 1.7 1.7 1.6 Financial Leverage
Grade: 12-21 €Mil 06-22 €Mil 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 Financial Health (EUR)
Cash 933 453 — — — — — — — — 25 40 47 Long-Term Debt €Mil
Inventories 264 355 239 307 420 546 703 923 1069 1306 1627 2499 2490 Total Equity €Mil
Receivables — —
0.96 0.52 0.37 0.23 0.11 0.07 — 0.41 0.35 0.25 0.26 Debt/Equity
Current Assets 1464 1037
58 51 106 145 234 415 526 603 791 569 324 Working Capital €Mil
Fixed Assets 913 931
Intangibles 1673 1672 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TTM Valuation
Total Assets 4268 3881 — — — — 29.2 36.9 30.3 47.8 41.8 23.9 23.8 Price/Earnings
Payables 533 434 — — — — — — 0.0 0.0 0.0 — 2.0 P/E vs. Market
Short-Term Debt 164 57 — — — — 5.5 7.7 6.9 8.4 9.7 5.7 5.6 Price/Sales
Current Liabilities 895 713 — — — — 8.2 11.2 10.3 9.5 7.9 5.3 5.3 Price/Book
Long-Term Debt 40 47 — — — — 20.4 28.0 19.5 26.9 29.9 19.5 19.3 Price/Cash Flow
Total Liabilities 1769 1391
Total Equity 2499 2490 Quarterly Results (EUR) Close Competitors
Revenue € Sep Dec Mar Jun Mkt Cap €Mil Rev €Mil P/E ROE%
Valuation Analysis Most Recent 201.0 94.0 265.0 318.0 Prada SpA 118346 3766 36.6 12.6
Previous 145.0 72.0 231.0 244.0 Kering SA 64083 19528 18.3 28.4
Current 5 Yr Avg Ind Mkt
Price/Earnings 23.8 33.6 14.6 11.7 Rev Growth % Sep Dec Mar Jun Major Fund Holders
Forward P/E 23.3 — — — Most Recent 38.2 30.0 15.0 30.2 % of shares

Price/Cash Flow 19.3 23.1 65.2 8.2 Previous 15.8 26.6 12.3 27.8 Contact
Price/Free Cash Flow 23.4 29.4 — — Earnings Per Share € Sep Dec Mar Jun Moncler SpA ADR Phone: +39 242203500
Dividend Yield % 1.2 — 2.8 3.6 Most Recent — — — — Via Stendhal, 47 Website:
Price/Book 5.3 8.1 2.7 1.8 Previous — — — — Milan, 20144 https://www.monclergroup.com
Price/Sales 5.6 7.2 0.9 —
PEG Ratio 1.7 — — —
*3Yr Avg data is displayed in place of 5 Yr Avg
1
The ESG Risk Rating Assessment is a representation of Sustainalytics’ ESG Risk Rating.

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