VF Corporation


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SKU: VFC-1 Category:


V.F. Corporation reached our target price and delivered a mixed result for the recent quarter. The company reported a triple-digit revenue growth showing a strong sign of post-Covid recovery but below-par earnings. V.F. is one of the leading players in branded lifestyle apparel, footwear, and accessories and was badly hit by the Covid-19 pandemic in 2020 but showed a 169% top-line growth in its recent result for the fourth quarter of the 2021 fiscal. Each of the company’s core segments of Active, Outdoor, and Work reported a top-line growth higher than 20% and its digital revenues climbed as much as 106%. However, goodwill impairment and elevated costs resulting from the pandemic played spoilsport with respect to the bottom-line. We maintain our ‘Outperform’ rating given the expected recovery in the latter half of 2021 and provide a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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