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    Edouard Aubin

    Managing Director and Senior Equity Analyst at Morgan Stanley

    Edouard Aubin is a Managing Director and Senior Equity Analyst at Morgan Stanley, specializing in European retail and luxury goods sector research. He covers prominent companies such as Adidas, where he has made notable calls including a double upgrade with a substantially increased price target, reflecting strong conviction and market insight. Aubin has established his career entirely at Morgan Stanley since joining the firm as an analyst, earning recognition for his performance in equity research and maintaining a robust track record of impactful stock recommendations. He holds relevant industry credentials and is registered with FINRA, ensuring compliance with key securities regulations.

    Edouard Aubin's questions to Birkenstock Holding (BIRK) leadership

    Edouard Aubin's questions to Birkenstock Holding (BIRK) leadership • Q3 2025

    Question

    Edouard Aubin of Morgan Stanley sought clarification on whether DTC growth would reaccelerate in Q4 from its Q3 rate and asked if most goods for fiscal 2025 were shipped pre-tariff, thereby limiting the financial impact in the current year.

    Answer

    CFO Ivica Krolo confirmed that DTC growth is expected to accelerate in Q4, but B2B will still outpace it for the quarter and the full year. He also affirmed that the company's strong inventory position, established prior to the tariff changes, helps mitigate the adverse effects for the current fiscal year.

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    Edouard Aubin's questions to Birkenstock Holding (BIRK) leadership • Q2 2025

    Question

    Edouard Aubin sought clarification on whether tariff impacts are primarily a fiscal 2026 event due to inventory positioning and asked for a hypothetical EBIT impact from a 10% depreciation of the US dollar versus the euro.

    Answer

    CFO Ivica Krolo confirmed that the company's strong inventory position helps to fully offset the adverse effects from tariffs in fiscal 2025. VP of Global Finance Alexander Hoff provided a sensitivity analysis, stating that a 0.05 change in the USD/EUR exchange rate would result in approximately a €37 million impact on revenue and a €26 million impact on EBITDA.

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    Edouard Aubin's questions to Kering (PPRUY) leadership

    Edouard Aubin's questions to Kering (PPRUY) leadership • Q2 2023

    Question

    Edouard Aubin inquired about the Valentino acquisition, asking about immediate synergy potential and Mayhoola's motivation. He also questioned if the management changes were intended to strengthen Kering's direct supervision of Gucci and requested performance details on Chinese and American consumer clusters.

    Answer

    Chairman and CEO François-Henri Pinault confirmed the Valentino deal offers synergies in real estate and logistics, which was a key element for Mayhoola. He explained the Gucci leadership change was a pragmatic move to ensure an efficient relaunch. Director of Financial Communications Claire Roblet provided data on consumer performance, noting the Chinese cluster was up 60% year-over-year and that American consumers remained under pressure.

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    Edouard Aubin's questions to Kering (PPRUY) leadership • Q4 2022

    Question

    Edouard Aubin inquired about the drivers behind the Q4 slowdown in the U.S., the specific vision that made Sabato de Sarno the chosen creative director for Gucci, and whether Gucci's margins would be impacted by a need for catch-up investments.

    Answer

    Jean-Marc Duplaix (CFO) attributed the U.S. slowdown to affluent Americans shopping in Europe and softer demand from aspirational customers, while affirming long-term confidence in the market. François-Henri Pinault (Chairman and CEO) explained that Sabato de Sarno was selected for his unique ability to blend modernity with Gucci's heritage. Duplaix clarified that significant investments were already made in H1 2022, so a major catch-up effect impacting 2023 margins is not anticipated.

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    Edouard Aubin's questions to Kering (PPRUY) leadership • Q2 2022

    Question

    Edouard Aubin asked about the profitability of the 'Other Houses' division, the impact of the watchmaker disposal, Balenciaga's medium-term margin potential, and the group's potential expansion into cosmetics, including license expiry dates.

    Answer

    CFO Jean-Marc Duplaix stated the watch business disposal had a positive 30 basis point impact on the group's EBIT margin and that a margin around 25% for Balenciaga is achievable in the short-to-mid-term. Group Managing Director Jean-Francois Palus confirmed that beauty is a potential area for future development, citing the success of Kering Eyewear as a model, but he declined to comment on the specifics of current license expiration dates.

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    Edouard Aubin's questions to Kering (PPRUY) leadership • Q3 2021

    Question

    Edouard Aubin of Morgan Stanley inquired about Gucci's strategy of balancing newness with more timeless, higher-priced products like the Diana bag. He asked how this has broadened the customer base and whether this approach can de-risk the brand from its historically cyclical, fashion-forward nature.

    Answer

    CFO Jean-Marc Duplaix clarified that the Aria collection itself balances newness with carryovers, which constitute about two-thirds of leather goods. He pointed to the success of the Diana bag and an increased contribution from VVIP/VIP clients as evidence of successfully engaging a more high-end segment. He positioned Aria as a key evolution in the brand's aesthetic, reflecting a new maturity and a better balance between timeless and fashion-forward elements.

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    Edouard Aubin's questions to COMPAGNIE FINANCIERE RICHEMONT AG /FI (CFRUY) leadership

    Edouard Aubin's questions to COMPAGNIE FINANCIERE RICHEMONT AG /FI (CFRUY) leadership • Q4 2023

    Question

    Edouard Aubin from Morgan Stanley followed up on Chinese consumer trends, asking if growth was driven by high-net-worth individuals and if trends were accelerating. He also asked about flagship store investment strategies, such as adding restaurants, and the probability of a material M&A transaction in the next 12-24 months.

    Answer

    Chairman Johann Rupert confirmed the initial Chinese recovery is led by wealthy individuals traveling, not large tourist groups. He and CEO Jerome Lambert firmly rejected the idea of adding restaurants or hotels to flagships, stating their focus remains on creating exclusive, beautiful stores, not department stores. On M&A, Rupert expressed caution, noting that desirable companies are rarely for sale and cultural integration is challenging. He suggested a major acquisition would only be considered in a financial meltdown scenario.

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    Edouard Aubin's questions to Dufry AG/ADR (DUFRY) leadership

    Edouard Aubin's questions to Dufry AG/ADR (DUFRY) leadership • Q4 2021

    Question

    Edouard Aubin of Morgan Stanley asked for confirmation on the pre-COVID sales contribution from Chinese and Russian nationals, an update on the CHF 400 million cost-cutting program, and whether a previous 2023 free cash flow sensitivity estimate was still valid.

    Answer

    CEO Julian Gonzalez confirmed that Chinese and Russian nationals were top spenders but clarified that Russian sales were 2% of the 2019 total, with Russian destinations at 3.5%. He stated the gross margin impact was minimal. He affirmed that previous communications on the cost-cutting program still hold true, and while the 2023 outlook is difficult, the prior sensitivity assumption 'more or less' remains.

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    Edouard Aubin's questions to Dufry AG/ADR (DUFRY) leadership • Q2 2021

    Question

    Edouard Aubin asked for a breakdown of North American sales performance between local and international travel, and questioned if the adjusted operating profit could exceed CHF 1 billion upon a full sales recovery by 2023.

    Answer

    CEO Julián Díaz noted the pre-COVID North America sales mix was ~80% duty-paid and 20% duty-free, with the current weakness driven by the duty-free segment. CFO Yves Gerster confirmed that with a full turnover recovery to 2019 levels, the adjusted operating profit would indeed be in excess of CHF 1 billion.

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    Edouard Aubin's questions to Dufry AG/ADR (DUFRY) leadership • Q4 2020

    Question

    Edouard Aubin of Morgan Stanley inquired about the competitive landscape and the potential for industry consolidation in 2021. He also pointed out the absence of women on the Executive Committee and asked about the company's commitment to promoting diversity.

    Answer

    CEO Julián Díaz responded that the competitive landscape has not yet changed and he could not predict if consolidation would occur in 2021. On diversity, he acknowledged the lack of women on the Executive Committee but highlighted that women constitute about 40% of the next management level. He mentioned the 'Women@Dufry' program has led to women making up 35% of the succession plan candidates, and he expects a female appointment in the near future.

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