First Read: Helen of Troy Ltd "Stronger Sales + Better OPM Drive 1Q Beat"

研报英文原文证据摘录

First Read: Helen of Troy Ltd "Stronger Sales + Better OPM Drive 1Q Beat"

Global Research

8 July 2026ab

First Read

EquitiesHelen of Troy Ltd

Stronger Sales + Better OPM Drive 1Q Beat Americas

Cosmetics

12-month rating Neutral *

Initial Reaction: Positive

Heading into the print, our conversations with investors suggested that sentiment on 12m price target US$25.00

HELE was improving, albeit from a low base. This was largely a product of investors

beginning to believe that the worst was in the rearview, supported by improving

Price (07 Jul 2026) US$28.04

takeaway trends and potential upside from tariff refunds that could help offset

commodity costs (which could also be moderating). Against that backdrop, we think the RIC: HELE.O BBG: HELE US

print will be viewed positively as top line and margins came in above expectations, Trading data and key metrics

leading to an EPS beat. From a guidance perspective, the company reiterated their FY27

52-wk range US$31.00-13.88

EPS outlook, but raised their sales outlook following a stronger 1Q. At this stage, we

Market cap. US$0.64b

would expect much of the focus to center on the phasing of the year given the many

Shares o/s 22.8m (COM)

moving pieces and whether the company's updated FY27 guidance could in fact prove

conservative on the bottom line given the strong start to the year. Although the stock Free float 99%

has outperformed in recent weeks, shares continue to screen as cheap vs. history and Avg. daily volume ('000) 655

given the strong start to the year/reiterated EPS outlook, we would expect shares to Avg. daily value (m) US$16

trade higher this morning (currently indicating +9%). Common s/h equity (02/27E) US$0.87b

P/BV (02/27E) 0.7x

FY27 EPS Guidance Reiterated With Sales Moving Higher Net debt to EBITDA (02/27E) 3.4x