olivLaw · European equity research
Kering KER.PA
France · Euronext Paris · ISIN FR0000121485 · Vertical: Listed companies from France
Kering is a French luxury group that owns Maisons such as Gucci, Yves Saint Laurent and Bottega Veneta. In fiscal 2023 revenue declined slightly, and management describes demand as still uncertain in Europe and the United States, while Asia and Japan grew.
At the close of 05 Nov 2026, Kering (KER.PA) stock was 190.62 EUR (−0.56% on the day), with market capitalisation 23.3 bn EUR, P/E 7.8 on diluted EPS of 24.37 EUR over the last 12 months, dividend yield 7.34%, beta 1.12, 52-week range 176.28–321.35 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 40.5
- weak (30–45)
- Bollinger (20, 2)
- 163.42 – 231.71
- in the lower half of the band · %B 0.40 · band width 34.6%
- SMA 50 / 200
- 218.02 / 247.90
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -10.70 / -11.29
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.7% | −0.6% | −10.1 pp | — |
| 3 months | −34.2% | −4.2% | −30.0 pp | — |
| 6 months | −22.8% | +4.3% | −27.1 pp | — |
| Year to date | −36.7% | +7.5% | −44.2 pp | — |
| 1 year | −37.1% | +9.9% | −47.0 pp | −6.8% |
| 3 years | −52.2% | +49.8% | −102.0 pp | −15.9% |
| 5 years | −71.1% | +42.8% | −113.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 16.2, median 16.4, max 27.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 17.6 bn | 20.4 bn | 19.6 bn |
| Revenue YoY | unavailable | +15.3% | −3.9% |
| Net income | 3.2 bn | 3.6 bn | 3.0 bn |
| Net income YoY | unavailable | +13.8% | −17.5% |
| Diluted EPS | 25.49 | 29.31 | 24.37 |
| Diluted EPS YoY | unavailable | +15.0% | −16.9% |
| net % | 18.0% | 17.8% | 15.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 3.9 bn EUR
- Financial debt
- 10.0 bn EUR
- Net debt
- 6.1 bn EUR
- Equity
- 16.0 bn EUR
- Total assets
- 41.4 bn EUR
- Debt / equity
- 0.63x
- Current ratio
- unavailable
- ROE
- 19.4%
- ROA
- 7.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 17.6 bn | 20.4 bn | 19.6 bn | esef· 21 Mar 2024verified |
| Cost of revenue | 4.6 bn | 5.2 bn | 4.6 bn | esef· 21 Mar 2024verified |
| Gross profit | 13.1 bn | 15.2 bn | 14.9 bn | esef· 21 Mar 2024verified |
| Operating income | 4.8 bn | 5.4 bn | 4.6 bn | esef· 21 Mar 2024verified |
| Pre-tax income | 4.5 bn | 5.1 bn | 4.2 bn | esef· 21 Mar 2024verified |
| Income tax | 1.3 bn | 1.4 bn | 1.2 bn | esef· 21 Mar 2024verified |
| Net income | 3.2 bn | 3.6 bn | 3.0 bn | esef· 21 Mar 2024verified |
| Diluted EPS | 25.49 | 29.31 | 24.37 | esef· 21 Mar 2024verified |
| Dividend per share | — | 12.00 | 14.00 | esef· 21 Mar 2024verified |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.2 bn | 4.3 bn | 3.9 bn | esef· 21 Mar 2024verified |
| Receivables | 977.0 m | 1.2 bn | 1.2 bn | esef· 21 Mar 2024verified |
| Property, plant & equipment, net | 3.0 bn | 3.4 bn | 5.3 bn | esef· 21 Mar 2024verified |
| Goodwill | 2.9 bn | 4.1 bn | 7.1 bn | esef· 21 Mar 2024verified |
| Intangibles (excl. goodwill) | 7.0 bn | 7.4 bn | 8.2 bn | esef· 21 Mar 2024verified |
| Total assets | 31.1 bn | 33.9 bn | 41.4 bn | esef· 21 Mar 2024verified |
| Accounts payable | 1.7 bn | 2.3 bn | 2.2 bn | esef· 21 Mar 2024verified |
| Long-term debt | 3.0 bn | 4.3 bn | 10.0 bn | esef· 21 Mar 2024verified |
| Equity | 13.7 bn | 14.8 bn | 16.0 bn | esef· 21 Mar 2024verified |
| Shares outstanding at year end | 124.6 m | 123.2 m | 122.4 m | esef· 21 Mar 2024derived |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 4.9 bn | 4.3 bn | 4.5 bn | esef· 21 Mar 2024verified |
| Investing cash flow | -452.0 m | -2.8 bn | -7.3 bn | esef· 21 Mar 2024verified |
| Financing cash flow | -2.9 bn | -2.1 bn | 2.4 bn | esef· 21 Mar 2024verified |
| Share repurchases | 538.0 m | 1.0 bn | 10.0 m | esef· 21 Mar 2024verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 23.3 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 190.40 – 726.25 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E270.30 – 726.25 (Mid 417.47)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)190.40 – 259.64 (Mid 219.69)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 18.2% | 76 (vs peers) | 31% |
| Net margin · Quality | 15.2% | 95 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 7.8x | 83 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 1 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality83/100 · 2/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation· partial83/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
KERING (KER.PA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 19.6 bn EUR in 2023; YoY growth -3.9%; net margin 15.2%; ROE 20.4%.
The estimated value range is 230.35–492.94 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 318.58 EUR, the price of 190.62 EUR leaves a potential of 67.1% (value / price − 1) and a margin of safety of 40.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 18.2%
- Net margin: 15.2%
- P/E (TTM): 7.8x
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| KER.PAKering | 23.3 bn | 7.8 | 20.4% | 15.2% | −3.9% | −35% / −52% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for KER.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 103.25 Total return -41% · Per year -41% | 183.34 Total return 3% · Per year 3% | 277.26 Total return 54% · Per year 54% |
| 3 years | 84.08 Total return -41% · Per year -16% | 169.47 Total return 9% · Per year 3% | 283.63 Total return 75% · Per year 20% |
| 5 years | 68.47 Total return -42% · Per year -10% | 156.65 Total return 15% · Per year 3% | 290.15 Total return 96% · Per year 14% |
- Exit P/E± 42.37
- Net margin± 29.66
- Annual revenue growth± 26.46
- Annual dilution± 2.49
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Kering is a French luxury group that owns Maisons such as Gucci, Yves Saint Laurent and Bottega Veneta. In fiscal 2023 revenue declined slightly, and management describes demand as still uncertain in Europe and the United States, while Asia and Japan grew.
SWOT
Strengths
- A portfolio of luxury Maisons with global recognition, especially Gucci, which contributes almost half of revenue.
- High operating margins and a financial structure that allowed strategic acquisitions and several bond issues.
- Geographic diversification, with a large share of sales outside the euro area.
Weaknesses
- High dependence on Gucci, whose sales decline weighed on the group result.
- Exposure to demand in the United States, which fell significantly in the latest year.
- The drop in operating margin shows profitability sensitivity to sales volumes and costs.
Opportunities
- A recovery of Chinese clients and international tourism could support growth in the second half of the year.
- Development of the fragrance and beauty segment, strengthened by the Creed acquisition, could open new revenue sources.
- Sustainability commitments and circular economy initiatives may attract clients and investors sensitive to these topics.
Threats
- Global economic uncertainty could reduce luxury spending, especially in Europe and North America.
- Strong competition in luxury could pressure prices and market share.
- European Commission competition investigations in the fashion sector represent a legal risk.
Risks
- Dependence on Guccihigh
A major share of group revenue comes from a single Maison, so its difficulties could affect the overall result.
- US demandhigh
The sharp fall in North American sales shows vulnerability to an important market that could remain weak.
- Competition investigationmedium
The European Commission inspection at Gucci in a fashion sector inquiry could lead to sanctions if breaches are confirmed.
- Currency exposuremedium
Currency moves such as the yuan and US dollar could reduce revenue reported in euros.
- Debt and financing costlow
Recent bond issues were used for refinancing and acquisitions, and higher interest costs could weigh on financial results.
Investment thesis
What would need to be true (bull case)
- If the recovery in Chinese demand and tourism is sustained, the group's Maisons could return to growth in the second half.
- The 2023 acquisitions, such as Creed and the Valentino stake, could diversify the group and open new revenue.
- Strong credit quality, confirmed by strong demand for bond issues, could support financial flexibility.
What would break the thesis
- If demand in the United States and Europe remains weak, operating results could keep declining.
- Dependence on Gucci makes the group vulnerable to any slowdown in this Maison.
- Competition investigations and acquisition costs could reduce profit margins if they materialize.
What to watch
- Gucci sales trend and reaction to the new creative directionQ1 2027
- Demand in the United States and China after the tourism recovery2027
- Outcome of the European Commission investigation into the fashion sectornext 10-K
- Operating margin trend and integration of Creed2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Kering is an international luxury group organized around a portfolio of Maisons, with Gucci as the largest contributor. In fiscal 2023 the group generated revenue of 19566 million euros 1, with a recurring operating margin of 24.3 % 1. Sales go through owned stores, online channels and third-party distributors, and sales outside the euro area represent 79 % of the total 1.
Segments
Market context
Management notes that forecasts for the luxury market in 2024 are highly uncertain, with sector growth estimated between 1 and 7 % 1. A recovery in Chinese demand and tourism could support the second half, although local clientele could stay under pressure given economic uncertainty 1.
Regional differences are large: Japan grew strongly and Asia-Pacific advanced, while North America fell sharply in fiscal 2023 1. Analyst notes are more optimistic than the industry-wide outlook 1.
Trends
- Tourism and Chinese demand recoverytailwind
The return of tourists from Asia and Chinese clients supported sales in Japan and Asia-Pacific, but the recovery was weaker than expected by management in the third quarter 1.
- Weak local demand in the United Statesheadwind
Local demand and sales to major department stores in the United States declined, and aspirational clientele has normalized 1.
- Tighter distribution strategymixed
A more exclusive distribution strategy, with fewer sales to third-party distributors, reduced revenue in Western Europe but may support the Maisons' image 1.
- Currency pressureheadwind
A stronger euro against the Chinese yuan and US dollar reduced reported revenue, with a negative effect of just under 4 % 1.
Competitive position
Kering competes with other large luxury groups that hold Maison portfolios and operate in the same distribution channels and regions. Competition centers on creativity, brand image, distribution exclusivity and the ability to attract aspirational clients.
Competitive pressure is visible in demand in the United States and Europe, where clients can choose among several comparable Maisons, and the sector remains sensitive to economic cycles 1.
- LVMH Moët Hennessy Louis Vuitton
French luxury group with a broad portfolio, a main direct rival in fashion and leather goods.
- Hermès International
French luxury house with a strong position in status products, competing for the same high-end clientele.
- Richemont
Swiss luxury group active in jewelry and watches, competing for luxury client spending.
- Prada Group
Italian luxury group with fashion and accessories Maisons, a direct competitor in leather goods.
News & filings
In the press
- Gucci's sales slump sends parent company Kering's shares tumblingCNA (Channel NewsAsia) · 23 Oct 2026 · EN
- Anthony Vaccarello pleacă de la Saint Laurent după 10 ani. Kering pregătește o nouă eră pentru casa de modăMediafax · 09 Oct 2026 · RO
- Gucci owner Kering is backing Chinese fashion brand Icicle. Can it become a global luxury name?CNA (Channel NewsAsia) · 15 Sept 2026 · EN
- Kering Promotes Sophie Maddaloni to General Secretary of the GroupYahoo Finance — News · 15 Sept 2026 · EN
- Hermès, Kering Record Stock Spread Highlights Diverging PathsBloomberg Markets · 29 Jul 2026 · EN
- Kering revine pe creștere în al doilea trimestru din 2026G4Media · 29 Jul 2026 · RO
- Analiză XTB: Zara depăşeşte Gucci la bursă. De ce Inditex valorează mai mult decât Kering şi ce perspective are sectorul?Ziarul Financiar · 29 Jul 2026 · RO
- Gucci a transformat Times Square într-un podium de modă, în încercarea grupului Kering de a relansa brandul aflat în dificultateMoney.ro · 17 May 2026 · RO
Annual reports (ESEF)
- Annual report 202321 Mar 2024
- Annual report 202228 Mar 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Kering · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.