Pinault Printemps Redoute S.A. May 04
- ID: 2054215
- May 2004
- Standard & Poors
This full analysis has been republished to replace misstated information in the Peer Comparison table (Table 1) with respect to LVMH's business risk and financial risk. A corrected version follows. Significant business diversification, despite ongoing exit of business-to-business sector; Resilient performance of the retail arm in 2003--despite an unfavorable environment in the core French market--and an expected recovery in the earnings of the luxury goods arm in 2004; and Sound liquidity position. Weak financial profile in the wake of ongoing buy-out of Gucci minorities, although this is expected to recover owing to a combination of improvement in earnings, focus on free cash flow generation, and the sale of Rexel; and Cyclicality of most of PPR's businesses. The ratings on diversified...
Companies mentioned in this report are:
- Kering S.A.
- PPR Finance
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Research Type: Full Analysis