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$29.37 0.59 (2.05%)
8/28/2008 4:00 PM

Coach, Inc. (COH)

CAPS Rating:
****

The Company is a American marketer of fine accessories and gifts for men and women. Its product offerings include handbags, women's and men's accessories, footwear, outerwear, business cases, sunwear, watches, travel bags, jewelry and fragrance.

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Recs

4

Avatar szjdlsemsb2007 (34.00) Submitted: 3/02/07 10:03 PM : Outperform Start Price: $48.20 COH Score: -31.33

Moat:    Strong brand - affordable/ accessible luxury.            
               
Competition: COH has definitely found its niche in a highly fragmented fashion market, with no pure competitors. The closest competitor may be Kenneth Cole.            
               
Threat and Opportunity: COH relies heavily upon continuing to hit fashion trend for top line growth. The management recently mentioned that its TAM is larger than they previously estimated. There is still ample room for COH to grow both domestically and internationally (esp. in Asia), and across all channels.
            
Financials:   Strong balance sheet with little debt. Strong cash flow from operations. Impressive and improving profitable margin due to top line growth, favarable product/channel mix and better sourcing.

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