Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>IPAR disclosing the sales benefit from the Lacoste license was the most notable item from the Company’s fourth quarter earnings call</li>
<li>IPAR had previously reported preliminary Q4 sales results making it less of a surprise as to how well the business was doing. Consumer demand for fragrances has yet to wane</li>
<li>In 2022 IPAR experienced growth from all regions and all its major brands. Montblanc, Jimmy Choo, Coach, and Guess grew by double-digits</li>
</ul>


IPAR disclosing the sales benefit from the Lacoste license was the most notable item from the Company’s fourth quarter earnings call
IPAR had previously reported preliminary Q4 sales results making it less of a surprise as to how well the business was doing. Consumer demand for fragrances has yet to wane
In 2022 IPAR experienced growth from all regions and all its major brands. Montblanc, Jimmy Choo, Coach, and Guess grew by double-digits


IPAR: 2024 in the Spotlight, Target Now $172

<ul>
<li>Since our last update in January 2023, Inter Parfums (IPAR) has released its preliminary fourth quarter sales results and there has been more data affirming consumer demand for fragrances</li>
<li>The reopening of China was earlier than IPAR's management's forecasts, which could have a material boost to sales in 2023.</li>
<li>The addition of Lacoste to the product portfolio remains the catalyst for 2024 sales growth</li>
</ul>


Since our last update in January 2023, Inter Parfums (IPAR) has released its preliminary fourth quarter sales results and there has been more data affirming consumer demand for fragrances
The reopening of China was earlier than IPAR's management's forecasts, which could have a material boost to sales in 2023.
The addition of Lacoste to the product portfolio remains the catalyst for 2024 sales growth


IPAR: Fragrance of a Price Target Increase

<ul>
<li>IPAR has added Lacoste to its portfolio of fragrance licenses and should lead to incremental growth in 2024.</li>
<li>Lacoste, like IPAR’s other major licenses, is a well-established brand that is likely to immediately contribute to sales and earnings growth when in 2024</li>
<li>Heading into the holiday shopping season of 2022, fragrance was proving as a high demand category from consumers</li>
</ul>


IPAR has added Lacoste to its portfolio of fragrance licenses and should lead to incremental growth in 2024.
Lacoste, like IPAR’s other major licenses, is a well-established brand that is likely to immediately contribute to sales and earnings growth when in 2024
Heading into the holiday shopping season of 2022, fragrance was proving as a high demand category from consumers


<ul>
<li>IPAR continues to experience a strong consumer spending environment for fragrances where it has become increasing difficult to have all the components to manufacture a bottle</li>
<li>IPAR reported third quarter sales of $280.5 million compared to our original estimate of $275.3 million. The increase in sales was the result of a strong showing from new licenses</li>
<li>At the start of 2022, our 2022 EPS forecast was $3.05. It is now $3.40. IPAR’s stock has shown little movement for such an achievement</li>
</ul>


IPAR continues to experience a strong consumer spending environment for fragrances where it has become increasing difficult to have all the components to manufacture a bottle
IPAR reported third quarter sales of $280.5 million compared to our original estimate of $275.3 million. The increase in sales was the result of a strong showing from new licenses
At the start of 2022, our 2022 EPS forecast was $3.05. It is now $3.40. IPAR’s stock has shown little movement for such an achievement


<ul>
<li>IPAR has taken over the Donna Karan and DKNY brands setting the stage for further growth with larger brand licenses in its portfolio</li>
<li>IPAR reported second quarter sales of $244.7 million, which was in line with IPAR’s preannouncement</li>
<li>The Euro declining in value versus the US Dollar dented European sales growth figures, but sales managed to increase by double-digits over last year</li>
</ul>


IPAR has taken over the Donna Karan and DKNY brands setting the stage for further growth with larger brand licenses in its portfolio
IPAR reported second quarter sales of $244.7 million, which was in line with IPAR’s preannouncement
The Euro declining in value versus the US Dollar dented European sales growth figures, but sales managed to increase by double-digits over last year


United States

Inter Parfums, Inc. manufactures, markets, and distributes a wide array of fragrances and fragrance related products. The Company's European-based operations produce and distribute prestige fragrance products primarily under license with brand owners. It's U.S.-based operations primarily produce and sell fragrance and personal care products under several specialty retail brands.

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Inter Parfums (IPAR US)

IPAR: 2024 in the Spotlight, Target Now $172

Lacoste becomes additive to IPAR's sales in 2024 and with the inclusion of DKNY on a full year basis should result in sales growing further from...

BWS Financial Inc

IPAR: Fragrance of a Price Target Increase

Raising our price target to $150 from $125 based on our growth expectations for 2024 after the Lacoste license win, we had highlighted at the very...

BWS Financial Inc

IPAR: Catalysts for Further Growth

IPAR acquired the Lacoste license just prior to Christmas. This is incremental to the growth story for 2024 as IPAR begins to launch its first...

BWS Financial Inc

IPAR: Guidance Removes Overhang

IPAR had heightened the risk related to component shortages creating concern growth could lag in 2023, which is not the case. The 8 percent growth...

BWS Financial Inc

IPAR: Primetime of the Year Begins

Sales have continued to grow despite the Euro weakening versus the US Dollar. The consumer continues to purchase fragrances

BWS Financial Inc

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