Moncler: 2024 was solid, but cautious for 2025

(CercleFinance.com) - Last night, Moncler reported better-than-expected FY 2024 results, but the luxury down jacket manufacturer's cautious approach to 2025 seemed to have taken investors aback.


Last night, the outerwear specialist reported EBIT of E916.3m last year, compared with E893.8m for 2023.

Sales came to E2.7bn, up 8% at constant exchange rates, thanks to a return to double-digit growth in the Chinese market.

This is impressive, Deutsche Bank analysts reacted.

UBS teams nevertheless point out that Moncler's business remains highly dependent on China, which accounts for over 35% of its network sales and which alone generated some 60% of growth last year.

Oddo BHF points out that the Italian group's guidance for 2025 is rather "measured".

The group is facing an even more difficult basis for comparison in Asia in the first quarter of 2025, hence the cautious tone, even though guidance for January remained very good, the broker explains.

For the new financial year, Moncler says it is targeting an unchanged operating margin (Ebit) of between 29% and 30%, bearing in mind that this fell to 29.5% last year, compared with 30% in 2023.

This should prompt some profit-taking on the share, which at yesterday's close had posted gains of 25% since the start of the year, and whose valuation - with a 2025 P/E of 29x - is now considered high.


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