Interparfums: Valuation is too demanding!
Interparfums: (NEUTRAL vs. BUY, Fair Value EUR35 (-12%))Valuation is too demanding!
Interparfums results were in line with expecations with EBIT being up 5% despite gross margin decline, penalised by FX. For FY 2018, we expect sales to reach EUR450m (up 7%) versus company guidance of EUR430m. We anticipate 13.8% EBIT margin, here again slightly above management expectations (between 13% and 13.5%). The stocks gained 25% on last 6m and 33% on last 12m, IP is currently valued 21.3x on EV/EBIT 2019. Hence our recommendation downgrade from Buy to Neutral even if we like company business model.
Interparfums SA. Interparfums SA, also known as Interparfums, is a French-based company engaged in the design, manufacturing and marketing of fragrances. The Company designs, produces and distributes perfumes and cosmetics under such brands as Burberry, Boucheron, Burberry Beauty, Jimmy Choo, Lanvin, Montblanc, Nickel, Paul Smith, Repetto, S.T. Dupont and Van Cleef & Arpels, Karl Lagerfeld, among others. The Company is present in Switzerland, Germany, Spain, Italy, the United Kingdom, Singapore, the United States, among others. The Company operates through the subsidiaries, including Interparfums Suisse Sarl, Interparfums Deutschland GmbH, Interparfums Srl, Interparfums Ltd, Interparfums Luxury Brands and Interparfums Singapore. As of December 31, 2013 the Company's shareholder was InterParfums Holding with 73,1% stake in the Company.
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