Samsonite International SA

01910: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$71.00	Jsxxp	Qqnglnskw

Samsonite Delivers Another Strong Quarter; Increasing FVE to HKD 23.20; Shares Undervalued

Ivan Su

Nov 14, 2022

Narrow-moat Samsonite delivered another impressive set of results in the third quarter, benefiting from the reopening of borders and the release of pent-up travel demand. The firm reported an adjusted EBITDA of USD 134 million for the third quarter of 2022, coming 11% higher than our estimate. With high-margin markets like Korea and Japan recently reopened, we expect Samsonite's sales growth to continue, leading to operating leverage and margin expansion. Moreover, recent news of China easing quarantine rules and scrapping flight bans suggests that its borders will eventually reopen as well.

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