Samsonite International SA

01910: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HKD 99.00	Brqfwf	Llslfhxn

Samsonite Earnings: Management Nudged Down Guidance; We See Downside to Long-Term Profitability

Ivan Su

May 15, 2024

Narrow-moat Samsonite’s first-quarter 2024 results were in line with our expectations. Nonetheless, management nudged down guidance for 2024 and mentioned that the competitive environment is heating up. We made minor updates to our model but kept our fair value estimate unchanged at HKD 27. Shares of Samsonite are fairly valued now, in our opinion.

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