Samsonite International SA

01910: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HKD 38.00	Jgkymw	Bkrdkhqz

Samsonite Earnings: Strong Profitability but Moderating Growth; Shares Slightly Undervalued

Ivan Su

Nov 14, 2023

Narrow-moat Samsonite’s third-quarter earnings featured better-than-expected profitability, but weaker-than-expected sales. Management maintains 2023 guidance and issued 2024 guidance that is broadly in line with our estimates. Overall, we are maintaining our HKD 27 fair value estimate, and note that shares are trading just slightly undervalued, so buyers may want to wait for a better entry point.

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