Bath & Body Works Inc "UBS Evidence Lab inside: 1Q Preview: We See a..."

研报英文原文证据摘录

Bath & Body Works Inc "UBS Evidence Lab inside: 1Q Preview: We See a..."

Powered by Lab Global19 MayResearch2026ab Evidence UBS YES

Bath & Body Works Inc Equities

AmericasUBS Evidence Lab inside: 1Q Preview: We See a

Balanced Upside/Downside Skew Retailers, Apparel

12-month rating Neutral *

12m price target US$19.00We doubt BBWI's Q1 print changes sentiment or the stock's P/E much:

Prior : US$22.00

Our channel checks suggest BBWI underlying sales trends remained pressured through

April and believe this sets BBWI to deliver just a relatively in-line Q1 EPS print. We Price (19 May 2026) US$16.11

anticipate this drives BBWI to reiterate its FY26 EPS guidance of $2.40-$2.65. We believe RIC: BBWI.N BBG: BBWI US

this type of report would match market expectations and thus don't expect sentiment

around the stock to shift meaningfully. This is why we see a balanced upside/downside Trading data and key metrics

skew around the event. The options market is pricing in a +/- 9.4% jump over the event 52-wk range US$33.65-14.85

vs. a 7.8% historical average move. We expect less vol. than +/- 9.4%. Market cap. US$3.27b

Shares o/s 203m (COM)

BBWI sentiment has weakened and is now mixed: Free float 84%

UBS Quant team's crowding data shows BBWI remains relatively long-crowded vs. peers Avg. daily volume ('000) 1,495

and its history at 16.6 vs. the industry 4.5 average (Figs. 5-6). Yet, BBWI's short interest Avg. daily value (m) US$29.4

has risen ~85 bps since it reported Q4 EPS to 7.9%. Plus, BBWI's stock price has fallen Common s/h equity (01/27E) US$-0.94b

33% over the last 3 months, underperforming the S&P 500 by ~4,000 bps. Lastly, the P/BV (01/27E) NM

stock now trades at the low-end of its historical P/E range at just 6x (Fig. 14). We believe Net debt to EBITDA (01/27E) 2.5x