L'Occitane International SA

00973: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$39.00	Qjzky	Tvklkrrls

L’Occitane: Raises Revenue Guidance on Strong Sol de Janeiro Performance

Ivan Su

Jan 31, 2024

Narrow-moat L’Occitane Group’s fiscal third-quarter (ending December 2023) trading performance mildly exceeded consensus expectations, and management lifted full-year revenue growth guidance. We keep our assumptions unchanged as we anticipate the company will deliver better sales in fiscal 2024. Hence, we maintain our fair value estimate of HKD 37 for L'Occitane and continue to see the stock as undervalued, currently trading at approximately 15 times fiscal 2025 consensus earnings.

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