Lingerie Struggles but L Brands’ Sales Growth In Line With Our Expectations; Shares Undervalued
Although market expectations seem to have gotten ahead of wide-moat L Brands’ recovery with news of 3% sales growth in December resulting in a midteen slide in share value, our $69 fair value estimate already reflects our belief that near-term performance will be muted by L Brands’ heavy mall exposure with about 50% of North American stores in B and C malls. Therefore, we see little change to our fair value estimate, which is currently based on 2.6% average annual revenue growth over the next fi...L Brands is a holding company. Through its subsidiaries, the company is a specialty retailer of women's intimate and other apparel, personal care, beauty and home fragrance products. The company sells its merchandise through company-owned specialty retail stores in the U.S., Canada, the U.K., Ireland and Greater China, and through its websites and other channels. The company's other international operations are primarily through franchise, license and wholesale partners. The company has three reportable segments: Victoria's Secret, Bath & Body Works and Victoria's Secret and Bath & Body Works International. The company operates the following retail brands: Victoria's Secret, PINK and Bath & Body Works.
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