Cutting Samsonite’s FVE to HKD 34 on Lowered Global Sales Growth and Margins
We are cutting our fair value estimate on narrow-moat Samsonite to HKD 34 from HKD 38.50 after reducing our global sales growth outlook and margins as consumers shift to lower-priced models. While we think Samsonite’s current share price reflects the slower global sales, outperformance is unlikely until the risk of further tariff hikes minimizes. A second tariff hike, which would add 15% in its import duties from China to the U.S. market, could hurt earnings in 2019 and lead to a reduction in ou...Samsonite International is active on the travel luggage market. Co. is engaged in the design, manufacture, sourcing and distribution of luggage, business and computer bags, outdoor and casual bags, and travel accessories throughout the world, primarily under the Samsonite® and American Tourister® brand names and other owned and licensed brand names. Co. sells its products through wholesale distribution channels and through Co.'s operated retail stores. Co.'s principal luggage wholesale distribution customers are department and specialty retail stores, mass merchants, catalog showrooms and warehouse clubs. Co. sells its products primarily in Asia, Europe, North America and Latin America.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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