美国服饰品牌消费调研专题：坚定相信本土优 秀(14)

美国服装品牌

市值 (百万）

ROE(%)

行业研究

表 3：国际同类可比公司估值表

领域

公司

收盘价

PB

10-11 EPS PE 增长率

2010E2011E2009 2010E 2011E

19.0

17.0

15.1 13.3 12.1 16.3 34.5 12.8 16.0 17.1 10.7 11.0 12.0 20.4 11.0 11.6 9.5 12.4 8.7 11.1 14.8

11.32%21.32%16.46%14.71%12.18%11.54%12.08%19.12%18.61%26.27%16.71%-2.97%26.27%8.72% 5.47% 12.37%7.64% 13.93%40.57%

2009

NIKE 72.08 34662 3.6 20.7 3.80 4.23 4.77

运动

ADS

41.605 8704 1.8 6.8 1.17 2.58 3.14 35.5 16.1

Puma 217.91 3287 2.2 10.6 8.50 15.48 18.03 25.6 14.1 LVMH 93.18 45672 3.0 13.1 3.58 4.98 5.72 26.0 18.7 HERMES 136 14357 8.0 17.1 2.74 3.51 3.94 49.7 38.7 COACH

奢侈品

/高档品

37.71

11506 7.5 45.9 2.04 2.64 2.94 18.5

14.3

POLO 81.77 7839 2.6 16.4 6.24 4.86 5.60 13.1 16.8 14.6 15.26%TOD'S 57.34 1755 2.7 13.7 2.80 3.20 3.58 20.5 17.9 BURBERRY 832.5 3624 6.1 14.4 -0.01 40.80 48.60 - Perry Ellis

20.12

284 1.2

5.1

-0.91

Phillips-Van 50.24 3332 1.9 14.9 1.38 3.62

4.58

36.3

20.4 13.9

BOSS 28.26 2201 9.1 51.8 2.90 2.20 2.45 9.7 12.9 11.5 11.75%

1.59 1.88 -22.0 12.7

PPR 103.1 13058 1.3 10.2 7.77 7.39 8.63 13.3 14.0 UNIQLO 12620 1337589 4.2 19.1 469.46 636.90 617.99

26.9

19.8

H&M 50.24 3332 1.9 14.9 1.38 3.62 4.58 36.3 13.9 GAP 77.86 8573 2.3 12.5 5.47 6.16 6.70 14.2 12.6 VF

大众品

LTD US

17.87 25.12

11626 2.4 8169 4.1

23.8 22.1

1.49 0.68

1.79 1.89 12.0 10.0 1.80 2.03 37.1 13.9

INDITEX 5.33 974 0.6 8.7 0.67 0.63 0.67 8.0 8.5 7.9 7.34%

NEXT 1950 3589 27.9 265.6 1.64 209.40 225.40 1186.8 9.3 GUESS 36.6 3412 3.2 27.1 2.29 2.89 3.30 16.0 12.6 Abercrombie& 37.6 3317 1.8 0.0 3.09 1.80 2.53 12.2 20.9 American Eagle 12.29

2525 1.7

Benetton 5.33 974 0.6 8.7 0.67 0.63 0.67 8.0 8.5 7.9 7.34%

11.3 0.87 0.97 1.12 14.1 12.6 10.9 15.53%

8.1

7.27%

Aeropostale 23.99 2244 5.0 58.1 1.60 2.76 2.96 15.0 8.7 Bulgari 233 362984 10.1 42.2 11.22 11.68 12.85 - RICHEMONT 12620 1337589 4.2 19.1 469.46 636.90 617.99 26.9

配饰/Fossil 50.08 31216 5.8 26.2 2.01 2.59 2.88 24.9

化妆品

Tiffany 37.6 3317 1.8 0.0 3.09 1.80 2.53 12.2

Estee Lauder

48.63

14974 1.8 13.6 2.87 3.76 4.26

16.9

19.9 18.1 10.02%19.8 19.3 20.9 12.9

20.4 17.4 14.8 11.4

-2.97%11.11%40.57%13.16%15.53%

Swatch 12.29 2525 1.7 11.3 0.87 0.97 1.12 14.10 12.64 10.94

资料来源：招商证券