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Equity Bottom-Up

<p>Samsonite’s share price fell 10% today before the stock was suspended from trading, following a report from short seller Blue Orca that the company had inflated its EBITDA and has undisclosed related-party transactions. While we await the company’s response on the accuracy of the nondisclosure claims, we think the price fall to HKD 30.70 already reflects the reasonable risk to fair value, assuming that claims the company inflated its EBITDA by around USD 53 million, which is around 9% of 2017…</p>

Samsonite’s share price fell 10% today before the stock was suspended from trading, following a report from short seller Blue Orca that the company had inflated its EBITDA and has undisclosed related-party transactions. While we await the company’s response on the accuracy of the nondisclosure claims, we think the price fall to HKD 30.70 already reflects the reasonable risk to fair value, assuming that claims the company inflated its EBITDA by around USD 53 million, which is around 9% of 2017…

Risk from Samsonite’s Skeletons Priced In, but Cloud of Suspicion May Linger