Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

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Equity Bottom-Up

<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


<ul>
<li>IPAR continues to demonstrate the strength of the consumer’s willingness to purchase fragrances the Company develops</li>
<li>IPAR announced Q2 sales of $244.7M compared to our forecast of $198.0M. The strength in the quarter was notable in the USA while the European segment had a small lift</li>
<li>IPAR taking over the Donna Karan and DKNY brands should lead to greater sales performance in the second half of the year</li>
</ul>


IPAR continues to demonstrate the strength of the consumer’s willingness to purchase fragrances the Company develops
IPAR announced Q2 sales of $244.7M compared to our forecast of $198.0M. The strength in the quarter was notable in the USA while the European segment had a small lift
IPAR taking over the Donna Karan and DKNY brands should lead to greater sales performance in the second half of the year


<ul>
<li>IPAR reported strong demand for its fragrances in the first period even though the US Dollar strengthened against the Euro</li>
<li>The first quarter performance was at the onset of the weakening of the Euro, but IPAR’s management asserted there has been no sign of demand abating</li>
<li>IPAR’s stock has continued to underperform our expectations even though consensus estimates call for sales and earnings growth</li>
</ul>


IPAR reported strong demand for its fragrances in the first period even though the US Dollar strengthened against the Euro
The first quarter performance was at the onset of the weakening of the Euro, but IPAR’s management asserted there has been no sign of demand abating
IPAR’s stock has continued to underperform our expectations even though consensus estimates call for sales and earnings growth


<ul>
<li>IPAR has entered 2022 owning a series of new licenses and the reopening of international airports should result in sales growing at a faster pace than the current consensus estimates</li>
<li>In the case of the Donna Karan license, IPAR begins to recognize sales in the second half of the year when it is traditionally the peak sales period</li>
<li>The recent lifting of COVID-19 restrictions in Europe eases international travel, which should have a positive impact on sales in 2022</li>
</ul>


IPAR has entered 2022 owning a series of new licenses and the reopening of international airports should result in sales growing at a faster pace than the current consensus estimates
In the case of the Donna Karan license, IPAR begins to recognize sales in the second half of the year when it is traditionally the peak sales period
The recent lifting of COVID-19 restrictions in Europe eases international travel, which should have a positive impact on sales in 2022


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: 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...

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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

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IPAR: Growth Despite Forex Headwind

The increase in sales comes despite the strength in the US Dollar. Europe remains an overwhelming majority of sales and grew slightly from the year...

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IPAR: Outpacing Expectations

The stock's valuation has dropped to levels not seen since the onset of the COVID-19 pandemic even though sales have continued to outpace...

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IPAR: Growth Prospects of 2022

IPAR is set to benefit from a series of license wins from last year as fragrances begin to reach the market in 2022 and 2023.

BWS Financial Inc

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