Wide-moat L Brands' lingerie is struggling, but sales growth is still meeting our expectations.
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...
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