- I expect 4Q21 revenues to be a bit lower than guidance, EBITDA to be within the guidance and EPS of $0.52 - higher than the $0.48 consensus.
- The 5-year plan sounds achievable, but I would have preferred they divest the international segment rather than doubling down on this unprofitable business.
- The increased capex and inventory buildup will compress cash generation but I don't think it will impact the dividend as the dividend costs the company only 3.7M USD.
- I reduced my target price from $30/share to $27/share to account for lower margin expectations in the medium term.
For further details see:
Lifetime Brands: Q4 2021 Earnings Preview And Update On The 5-Year Plan