Sizing the North America Intimates Market Share Opportunity

研报英文原文证据摘录

Sizing the North America Intimates Market Share Opportunity

Global Research

26 July 2026ab

Victoria's Secret & Co Equities

United StatesSizing the North America Intimates Market Share

Opportunity Retailers, Apparel

12-month rating Neutral *

12m price target US$90.00We believe VSXY's turnaround and solid LT outlook are fairly priced:

Our view is VSXY's initiatives have effectively repositioned Victoria's Secret and PINK to

deliver sustained comp sales growth post several years of declines. We thus forecast a Price (24 Jul 2026) US$83.55

14% 4-yr. EPS CAGR post FY26, reflecting MSD% sales growth, healthier merchandise RIC: VSXY.N BBG: VSXY US

margins, and fixed cost leverage. We view this outlook as appropriately reflected in the

stock’s 15.3x FY2 P/E, above the 11.4x average for Specialty Retailers. While our market Trading data and key metrics

share scenario analysis indicates substantial upside potential from possible market share 52-wk range US$88.50-18.72

recapture, we also recognize downside risk should share losses resume amid ongoing Market cap. US$6.97b

competitive pressures. We thus continue to view the risk/reward profile as balanced. Shares o/s 83.4m (COM)

This, together with limited PT upside, remains a key rationale for our Neutral rating. Free float 98%

Avg. daily volume ('000) 622

We see a wide range of potential revenue outcomes for VSXY: Avg. daily value (m) US$43.5

We believe VSXY’s growth trajectory through FY30E will largely rely on its North Common s/h equity (01/27E) US$1.02b

America intimates share progression. Our analysis lays out three potential scenarios. In P/BV (01/27E) 6.9x

our view, VSXY's stock currently prices an outlook close to the base case. Net debt to EBITDA (01/27E) 0.4x

Bull case: share expands to 24%.