Samsonite's 3Q 2018 on Track but We Factor in Trade War Sales Slowdown; FVE to HKD 38.50
Samsonite's third-quarter performance is within our expectations for slowing second half growth, but we factor in risks of weaker U.S. sales into our 2019 assumptions leading to a reduction in our fair value estimate to HKD 38.50 from HKD 40. The shares are still priced relatively attractive and although the market is punishing the stock for a likely slower growth trajectory, our fair value estimate is supported by improving free cash flow. We expect free cash flow to grow at a compounded annual...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.
We have operations in 27 countries.
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