Wide-Moat L Brands’ Performance Tempered by Strategic Shifts; Shares Undervalued
L Brands’ third-quarter top-line and margin performance continued to be muted as product line exits, new marketing initiatives, and ongoing beauty repositioning efforts are in investment stages. We plan to lower our $78 fair value estimate by about two dollars as management indicated that the impact of category exits will likely worsen, bearing a low-single-digit negative Victoria’s Secret comp impact in the fourth quarter and high-single-digit negative VS comp impact in the first half of next y...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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