Lovisa Holdings Ltd

LOV: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$63.60	Rmfj	Gnhvbvcds

Lovisa Earnings: Cyclical Sales Weakness, but Store Roll Out Undeterred

Johannes Faul

Aug 24, 2023

We maintain our fair value estimate of AUD 22 per share for no-moat Lovisa. Although fiscal 2023 NPAT of AUD 68 million was 8% lower than our forecast, the miss is immaterial to the global jewellery brand’s rollout opportunity, and our investment thesis stands.

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