Brunello Cucinelli also takes a mid-August break. In line with the rest of the luxury sector (Tod's -3,11%, Salvatore Ferragamo -1,29%, Ftse Mib 0,58%), the share has pulled the brakes and today it is down around 2,8%. But behind it there are several rally sessions that have updated the historical record several times to a maximum of 24 euros reached on August 14 (sixth consecutive session of updating the highs). However, what struck the observers were the volumes given the summer climate which physiologically reduces trading (which can help push thinner stocks upwards).
170 thousand shares were traded on Wednesday against a daily average of the last month of about 100 thousand shares. However, the colored cashmere rally is not a summer exploit. Since the beginning of the year, the share has risen by around 70% and since its debut on Piazza Affari in April 2012 it has doubled in value (102%) going from around 11,6 euros per share to 22,80.
On the other hand, luxury has recently been a sector in evidence as a whole and Cucinelli is one of the rare successful IPOs in the recent times of freezing landings in Piazza Affari. The latest accounts then confirmed the growth of the business: in the first half of the year revenues rose by 16,5% in the preliminary data (data to 157,6 million euro from 135,2 million in the same period of 2012) and expectations for for the whole of 2013 are double-digit progress for both turnover and profits.
And yet, even in times of high multiples for the sector, as highlighted by the acquisition of Loro Piana by the French company Lvmh (20 times Ebitda), the capitalization of Cucinelli's Stock Exchange expresses a monstrous valuation: at these prices on the estimates 2013 of Intermonte the company is worth almost 1,6 billion euros, which means 5 times the turnover, 28 times the ebitda and 55 times the net profit.
