Masroor Siddiqui Tabs Salvatore Ferragamo For Growth In Luxury Goods

Ira Sohn London: Masroor Siddiqui, Managing Partner, Naya Management LLP. Trade Idea: Salvatore Ferragamo Italia SpA (BIT:SFER) (OTCMKTS:SFRGY). Short: Essilor International Cmpgn Gnl d’Opq SA (EPA:EI) (OTCMKTS:ESLOY) Price Target: E35 target price, 40% upside from current levels. E60 of Essilor current price is E80 Valuation: Themes: Masroor Siddiqui on Salvatore Ferragamo European company but only 25% of sales are within Europe. Luxury company, most of sales from footwear. Emerging market growth of luxury goods. Low single-digit sales growth expected 12-15. Underpriced vs. peers such as Burberry historically, plenty of room for growth by raising prices. Margins are key. Margins are significantly…