Jefferies

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Yoox Net-A-Porter – On Form, On Time, Online: Initiating with a Buy

— Flavio Cereda Parini, Equity Research Analyst, European Luxury Goods

YNAP is the only quoted pure play on Digital Luxury, anywhere. Online is the only channel expected to show strong growth in the next five+ years. YNAP is the global leader in the space, and 2017 is the year when its recent aggregation is being managed and engineered to start delivering growth, margins and cash in 2018. Jefferies’ Buy rating reflects our view of significant upside in the stock, with a 12-month price target of €33. FULL REPORT