Raising Samsonite's FVE to HKD 40.50 on Lower U.S. Tax Rate
The cut in the U.S. corporate tax rate to 21% is better than the 25% we anticipated, and this lifts our fair value estimate for Samsonite to HKD 40.50 per share from HKD 39. Our base-case view now assumes an effective tax rate of 22% from 2018 onward. We previously assumed a 24%-25% effective tax rate. Around one third of Samsonite's earnings are derived from North American operations, while Asia contributes almost half. As it is, the company's Asian earnings enjoy a lower effective tax rate of ...
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