With Samsonite’s Acquisition Spree Over, Harder Work Is Ahead; Our FVE Is Unchanged
Samsonite’s 2017 performance continues to reflect the benefits of its acquisition of Tumi, with this being the first full year of inclusion of the high-end luggage brand, driving the group’s full-year sales and operating profit growth up by 24.2% and 28.0%, respectively. Samsonite’s net profit was further lifted by one-off deferred tax write-backs due to the cut in U.S. corporate taxes. Most performance indicators were close to our assumptions, resulting in minimal change to our cash flow foreca...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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