EQUITY RESEARCH: MONCLER S.P.A.

Moncler S.p.A. is the parent company that holds the Moncler and Stone Island brands. The group was selected due its strong position in the global luxury outwear segment and distinctive brand identity that represents the expression of a new concept of luxury. Its based in Italy, has international operations and directly distributes clothing and accessories collections through its Directly-Operated Stores. This equity research report on Moncler S.p.A. has been prepared in accordance with the format recommended by the CFA Institute and is based on public information available until June 30, 2025. The valuation was primarily conducted using the Discounted Cash Flow to Firm (FCFF) model, supported by Free Cash Flow to Equity (FCFE), Dividend Discount Model (DDM) and Relative Valuation using peers' multiples. The base case scenario results in a price target of €58.62, implying a 6.5% upside relative to the closing share price on the valuation date. A Monte Carlo simulation was also conducted to assess the sensitivity of the valuation to variations in the WACC and terminal growth rate (g). The recommendation is HOLD, as the current market price already reflects most of the company's growth prospects. Key risks include global macroeconomic uncertainty, dependency on the Asia-Pacific market, raw material sourcing challenges, and brand reputation risks. These factors could materially impact Moncler’s future cash flows and valuation if not managed appropriately.