Samsonite International SA

01910: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$62.00	Brxyjp	Pfhfhhnq

Samsonite Earnings: Management Lifts 2023 EBITDA Margin Guidance

Ivan Su

May 12, 2023

Narrow-moat Samsonite’s first-quarter earnings were largely in line with our expectations, but beat Refinitiv consensus estimates. However, market reaction so far is muted, and while we lift our fair value estimate slightly to HKD 27 from HKD 26.50, we note that shares are trading just slightly undervalued, so buyers may want to allow for a larger risk/reward. Management edged up its 2023 adjusted EBITDA guidance to 18% from 17%, reaffirming our bullish near-term view, but we note that margins are close to peak and our projections forecast a margin pressure to materialize in 2024.

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