Samsonite International SA

01910: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$49.00	Rprdv	Jzsrddn

Samsonite Delivers Impressive Profitability; Upping FVE to HKD 23; Shares Modestly Undervalued

Ivan Su

Aug 18, 2022

Another strong set of results from narrow-moat Samsonite in the second quarter reaffirms our thesis on travel recovery. With sales growth continuing to increase momentum, operating leverage will grow, and margins should expand as we have forecast. We have fine-tuned our estimates and slightly lifted our fair value estimate to HKD 23.00 from HKD 22.10. With shares up more than 10% at the market open on Aug. 18, we now view Samsonite as only modestly undervalued.

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