BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

Independent Stock Specific Research

IPAR: Multiple Brands for Success in 2022, PT to $125

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Equity Bottom-Up

<ul type="disc"><li>Demand for fragrances continues to outpace expectations with Inter Parfums (IPAR) reporting preliminary third quarters sales materially more than we were forecasting. While we have been steadfast on proclaiming IPAR’s sales guidance as too light, we were not expecting the level of outperformance IPAR experienced in the third quarter.</li></ul> <ul type="disc"><li>The growth in sales is due to the return of the consumer and introduction of several new products this year. The product pipeline is expanding with the addition of Moncler and Salvatore Ferragamo this year and Donna Karan in 2022.</li></ul> <ul type="disc"><li>IPAR is facing some supply chain challenges by not being able to meet market demand. IPAR is projecting fourth quarter sales to decline more than normal from the third quarter due to uncertainties with logistics. IPAR is asserting they are taking a conservative stance while we believe management might be trying to tame Wall Street estimates after their third quarter performance.</li></ul>

Demand for fragrances continues to outpace expectations with Inter Parfums (IPAR) reporting preliminary third quarters sales materially more than we were forecasting. While we have been steadfast on proclaiming IPAR’s sales guidance as too light, we were not expecting the level of outperformance IPAR experienced in the third quarter. The growth in sales is due to the return of the consumer and introduction of several new products this year. The product pipeline is expanding with the addition of Moncler and Salvatore Ferragamo this year and Donna Karan in 2022. IPAR is facing some supply chain challenges by not being able to meet market demand. IPAR is projecting fourth quarter sales to decline more than normal from the third quarter due to uncertainties with logistics. IPAR is asserting they are taking a conservative stance while we believe management might be trying to tame Wall Street estimates after their third quarter performance.

Inter Parfums

IPAR: Outperforming Expectations