Industry Consolidator: Initiate at Overweight with a $95 PT

研报英文原文证据摘录

Industry Consolidator: Initiate at Overweight with a $95 PT

Foundation

July 26, 2026 10:19 PM GMT

Morgan Stanley & Co. LLCMSomnigroup International Inc | North America Pedro Gil, CFA

Equity Analyst

Industry Consolidator: Initiate at Pedro.Gil@morganstanley.comSimeon Gutman, CFA +1 212 761-2022

Simeon.Gutman@morganstanley.com +1 212 761-3920

Overweight with a $95 PT Zachary Abraham

Research Associate

Zach.Abraham@morganstanley.com +1 212 761-5977

Industry consolidation and vertical integration offer potential Skylar Tennant

earnings growth upside for this mattress manufacturer & Research Associate

Skylar.Tennant1@morganstanley.com +1 212 761-9963

retailer, with room for valuation re-rating. Track record of share Bas R Jaspers

gains, broad product portfolio, advertising & retail channel EquityBas.Jaspers@morganstanley.comStrategist

leadership reinforce SGI's competitive moat.

Somnigroup International Inc (SGI.N, SGI UN)

Hardline/Broadline/Food Retail | United States of AmericaM Stock Rating Overweight

Key Takeaways Industry View In-Line

Price target $95.00

Proven track record of share gains in the wholesale market, having expanded its Shr price, close (Jul 24, 2026) $71.56

Mkt cap, curr (mm) $15,214

share by ~16 points to ~42% in ’25 from ~26% in ’19 and ~2% in '01. 52-Week Range $98.41-60.40

Key competitors (Serta Simmons, Sleep Number, Purple) facing liquidity & Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

leverage constraints near-term could accelerate SGI's share gains. EPS ($)** 2.70 3.16 3.85 5.01

Prior EPS ($)** - - - -

Vertical integration (via Mattress Firm &, if completed, LEG) makes SGI both the P/E 33.0 22.6 18.6 14.3

EPS ($)§ - 3.14 3.90 4.88

largest specialty retail partner & a key supplier to the rest of the industry. Div yld (%) 0.7 1.0 1.1 1.3