MOV - Movado: 57% EPS Surge Leads To 40% Dividend Hike 6x P/E With 31% Net Cash
- Record 4Q results: +16% revenues & 57% EPS YoY, fully 65% ahead of Wall Street expectations.
- 40% Dividend hike [3.7% current yield] supported by 14% trailing FCF Yield and 31% Net Cash.
- Movado is seeing secular growth in a booming global luxury goods industry, driven by EM/China/India demand.
- Movado is trading at a P/E of only 6x [cash adjusted] on our current year (01/2023) estimate, 6.6x on trailing earnings.
- Movado’s stock is up nearly 60% since our initial recommendation, and we still see over 100% further upside.
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Movado: 57% EPS Surge Leads To 40% Dividend Hike, 6x P/E With 31% Net Cash