Interparfums (AO) | Hold | H1-26 results preview

研报英文原文证据摘录

Interparfums (AO) | Hold | H1-26 results preview

Interparfums Hold | Target Price: EUR24.00

Company description Management

Created in 1982 by Philippe Benacin and Jean Madar, Interparfums is an Philippe Benacin, CEO

independent and specialised Tier 2 designer, manufacturer, and distributor of Philippe Santi, CFO

prestigious fragrances based on a portfolio of international brands through Jean Madar, Director

licence agreements (Montblanc, Jimmy Choo, Coach, Lacoste, Longchamp) and Key shareholders

proprietary brands (Lanvin and Rochas). Its parent-company listed in the US, Free float 27.52%

Interparfums Inc, controls 72% of its capital. Interparfums Inc 72.36%

Investment case Valuation methodology

Interparfums has developed a successful asset-light/fabless Our EUR24 TP is based on a DCF, owing to interparfums's

fragrance brand licensing business (Montblanc, Jimmy Choo, improving and more recurring FCF generation,

Coach, Lacoste, Longchamp, etc.) along with proprietary brands Using a DCF model with an 9.5% WACC and 2.5% terminal

(Lanvin and Rochas). growth, we derive a target price of EUR24.

Temporary earnings reset in 2026 amid macro, FX and Risks to our rating

geopolitical headwinds. Loss of an important licensing agreement.

Limited near-term catalysts before 2027 pipeline-driven Global deterioration in demand for fragrances and commercial

acceleration. failure of a promising brand.

Catalysts Prolonged weak demand and competitive pressure compressing

New licensing agreements margins.

Faster-than-expected USD recovery or tariff relief.

Stronger-than-expected Lacoste momentum and successful

Longchamp launch acceleration in 2027.

Key data charts

Price performance Sales split by region Sales split by division

SWOT analysis

Strengths Weaknesses