Hanesbrands Executes on Business Diversification Goals; Shares Still Undervalued
With first-quarter growth tracking slightly ahead of our expectations (revenue of $1.47 billion versus our $1.44 billion estimate) and full-year guidance reiterated (adjusted earnings per share of $1.72-$1.80 versus our $1.72 estimate), we see little change to our $29 fair value estimate and continue to believe that Hanesbrands is an attractive investment opportunity. We view Hanesbrands’ narrow moat as fully intact despite innerwear sales declines in 2017 (down about 3%) as we see near-term per...Hanesbrands is a marketer of basic innerwear and activewear apparel in the Americas, Europe, Australia and Asia/Pacific under some apparel brands, including Hanes, Champion, Bonds, DIM, Maidenform, Bali, Playtex, Lovable, Bras N Things, Nur Die/Nur Der, Alternative, L'eggs, JMS/Just My Size, Wonderbra, and Gear for Sports. The company's segments are: Innerwear, which includes apparel products, such as men's underwear, women's panties, children's underwear, socks and intimate apparel; Activewear, which includes T-shirts, fleece, performance apparel, sport shirts and thermals; and International, which includes innerwear, activewear, hosiery and home goods products, sold outside of the United States.
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