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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessHigh-beta luxury weakens; Burberry -5%, Kering -3%
- The two names we mentioned last-week - after reports of potential pull-back in China footprint from LVMH - are starting the week with broker cuts. Kering also released its bi-annual shareholder letter - nothing significant there.
- Though we often group Kering with Burberry on these high-beta and China-linked news please note they are two different levels of credit risk; Kering is €20b in sales co with more than 10 luxury houses underneath it. Burberry is €3b in sales, struggling to be profitable and reliant on a single brand.
- No CoC protection on the new Burberry 30s; equities are at 15yr lows trading at trailing P/E of 8x and compares to peers like Kering on a low-teen multiple, LVMH 20x, Hermes 40x and Birkenstock 50x.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.