Samsonite International: Consumption recovery remains bumpy, but the outlook is improving

研报英文原文证据摘录

Samsonite International: Consumption recovery remains bumpy, but the outlook is improving

iQprofile SM Samsonite International

Key Income Statement Data (Dec) 2024A 2025A 2026E 2027E 2028E Company Sector

(US$ Millions) Retailing-Specialty

Sales 3,589 3,498 3,542 3,628 3,704

Gross Profit 2,152 2,085 2,100 2,157 2,204

Sell General & Admin Expense (1,520) (1,536) (1,619) (1,643) (1,957) Company Description Operating Profit 629 528 474 506 531

Net Interest & Other Income (138) (110) (123) (111) (90) Samsonite is the world's largest luggage brand with an

Associates NA NA NA NA NA estimated 13% market share. The firm has sales coverage

Pretax Income 491 418 352 395 441 in over 100 countries globally, with USA, China, Korea, Japan

Tax (expense) / Benefit (118) (105) (89) (99) (111) and India as its top 5 markets. It also operates various

Net Income (Adjusted) 370 293 250 280 312

brands, including Samsonite, Tumi, American Tourister, etc.

Average Fully Diluted Shares Outstanding 1,446 1,387 1,387 1,387 1,387

Key Cash Flow Statement Data

Net Income 346 289 243 274 305 Investment Rationale

Depreciation & Amortization 222 257 262 265 268

We believe that debt covenant waiver and other corporate

Change in Working Capital (32) (72) (28) (27) (27)

Deferred Taxation Charge NA NA NA NA NA actions will alleviate balance sheet concerns on Samsonite

Other Adjustments, Net 29 24 20 22 25 and the stock trades at distressed value. We see positive

Cash Flow from Operations 565 497 497 534 571 risk-reward from the current level. Meanwhile, various

Capital Expenditure (112) (94) (93) (95) (97) measures, such as 1) diversifying sourcing locations from

(Acquisition) / Disposal of Investments NA NA NA NA NA

China to other countries and 2) multi-

Other Cash Inflow / (Outflow) 0 0 125 0 0