Capri Holdings Limited Ordinary Shares (CPRI) : juste valeur

Thèse ACCE

Capri Holdings owns Michael Kors, Versace and Jimmy Choo, selling handbags, footwear, apparel and accessories through its own stores, wholesale accounts and digital channels. The brand portfolio gives it a 62.5% gross margin, which is high for a mid-market accessories group, and a 144.6% return on equity, though that figure is inflated by a small equity base and should not be read as operating quality. Revenue fell 3.5% and operating margin is only 1.8%, so the business is currently earning very little from its sales, and the near-term case rests on whether Michael Kors can stabilise and Versace and Jimmy Choo can deliver margin recovery as restructuring costs roll off. The stock trades at a forward P/E of 7.2 against a trailing 19.3, a gap that signals the market expects earnings to fall further before any recovery, so the discount is only interesting if management's cost actions hold up. With a score of 46/100 and no index membership, the name clears the bar for a deeper look only if the margin bridge and debt position check out.