Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

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.

Equity Bottom-Up

<ul>
<li>IPAR benefited from consumers continuing to purchase fragrances in the third quarter and retailers beginning to stock inventory for the holiday shopping season</li>
<li>IPAR reported third quarter sales of $368.0 million in line with what the Company had previously disclosed in October</li>
<li>IPAR has several new product introductions in 2024 and begins to generate sales from Roberto Cavalli and Lacoste brands as well, which should result in IPAR growing sales in 2024</li>
</ul>


IPAR benefited from consumers continuing to purchase fragrances in the third quarter and retailers beginning to stock inventory for the holiday shopping season
IPAR reported third quarter sales of $368.0 million in line with what the Company had previously disclosed in October
IPAR has several new product introductions in 2024 and begins to generate sales from Roberto Cavalli and Lacoste brands as well, which should result in IPAR growing sales in 2024


IPAR: Sales Trajectory Ahead of Estimates

<ul>
<li>IPAR continued to experience momentum in demand in the second quarter with preliminary sales ending up at $309 million compared to our Street high estimate of $283.7 million</li>
<li>IPAR’s management is taking a conservative approach with sales forecast given the supply chain and sales volatility in certain regions. </li>
<li>The strength in second quarter sales was across multiple brands and in both segments</li>
</ul>


IPAR continued to experience momentum in demand in the second quarter with preliminary sales ending up at $309 million compared to our Street high estimate of $283.7 million
IPAR’s management is taking a conservative approach with sales forecast given the supply chain and sales volatility in certain regions. 
The strength in second quarter sales was across multiple brands and in both segments


<ul>
<li>Inter Parfums (IPAR) continuing to experience demand for its fragrances has not been enough to overcome investor concerns related to the slow demand environment in China and the duty-free segment</li>
<li>IPAR’s top three brands each grew by more than 20 percent compared to last year with Jimmy Choo sales up 63 percent</li>
<li>IPAR managing through its inventory balance could result in cash conversion that should improve investor sentiment</li>
</ul>


Inter Parfums (IPAR) continuing to experience demand for its fragrances has not been enough to overcome investor concerns related to the slow demand environment in China and the duty-free segment
IPAR’s top three brands each grew by more than 20 percent compared to last year with Jimmy Choo sales up 63 percent
IPAR managing through its inventory balance could result in cash conversion that should improve investor sentiment


<ul>
<li>IPAR announced its first quarter sales highlighting the continued momentum in demand the Company has been seeing in recent quarters. </li>
<li>IPAR's major brands each grew by more than 20 percent compared to the year ago period. </li>
<li>IPAR raised full year sales and EPS outlook as the business continues to run with brisk demand</li>
</ul>


IPAR announced its first quarter sales highlighting the continued momentum in demand the Company has been seeing in recent quarters. 
IPAR's major brands each grew by more than 20 percent compared to the year ago period. 
IPAR raised full year sales and EPS outlook as the business continues to run with brisk demand


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Last week we discussed potential for a 2-5% rally to the 1.5-month downtrend on SPX, or even the 4165-4200 range, which would set up an opportunity to get more defensive.</li>
<li>As long as the S&amp;P 500 is below Wednesdays high of 4040 we continue to believe the bears are in control -- stay defensive.</li>
<li>Even if there is a reversal, we still expect 4165-4200 on SPX to cap upside for 2023. We highlight many buy opportunities within Consumer Staples</li>
</ul>


Last week we discussed potential for a 2-5% rally to the 1.5-month downtrend on SPX, or even the 4165-4200 range, which would set up an opportunity to get more defensive.
As long as the S&amp;P 500 is below Wednesdays high of 4040 we continue to believe the bears are in control -- stay defensive.
Even if there is a reversal, we still expect 4165-4200 on SPX to cap upside for 2023. We highlight many buy opportunities within Consumer Staples


S&P 500, Nasdaq 100, DJIA All Testing Resistance; Downgrading Financials to Underweight; Buy Staples

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: Sales Trajectory Ahead of Estimates

IPAR is set to release a fragrance for its top five brands in 2024 along with taking over the Roberto Cavalli and Lacoste licenses. The stock...

BWS Financial Inc

IPAR: Adding and Growing

IPAR reported preliminary second quarter sales exceeding our expectations. We are anticipating IPAR to issue an increase in their full year EPS...

BWS Financial Inc

IPAR: Ready for Cash Conversion

IPAR converting its inventory into cash and showing continued strength in sales should support a higher price point later this year.

BWS Financial Inc

IPAR: Demand Outpacing Expectations

The demand environment continues to outpace expectations, which could strain component inventory. IPAR has the brand portfolio to continue to grow...

BWS Financial Inc

S&P 500, Nasdaq 100, DJIA All Testing Resistance; Downgrading Financials to Underweight; Buy Staples

Last week (3/21) we discussed the potential for a 2-5% rally to the 1.5-month downtrend on the $SPX, or even the 4165-4200 range, which we noted...

Vermilion Research

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