Samsonite International SA

01910: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$49.00	Zvrbqb	Tdtbqncr

Samsonite Earnings: Management Again Lifts Margin Guidance, Shared Encouraging July Trends

Ivan Su

Aug 17, 2023

Narrow-moat Samsonite’s second-quarter revenue came slightly below our expectations, but margins were ahead. Management lifted full-year adjusted EBITDA margin guidance to 19% from 18%, reaffirming our bullish near-term view. Overall, we maintain our HKD 27 fair value estimate and note that shares are trading just slightly undervalued, so buyers may want a larger margin of safety before investing in Samsonite shares.

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