In short: Referenced only — held, no new view. Weight ~3.7%. Sheet: EPS 5.24 → 6.49 + 2.6% = 9.99%/yr.
In short: BUY (portfolio). ER 13.65%; fwd PE 18.6 vs 26.3 (29.3% under); RDCF 3.3% vs 10.0%. Fair value $168.1 vs $111.02. YTD +29.9%.
In short: ~3.7% of the book. 19x NTM P/E on a 12% EPS CAGR; 595 shares yielding $3,671.15; modelled three-year return 9.99% including a 2.6% dividend. −3% YTD, −15% over twelve months — much steadier than the LVMH position beside it, in the same end market.
In short: BUY (portfolio). ER 13.55%; fwd PE 18.6 against a 26.3 average (29.3% under); RDCF 3.3% required vs 10.0% expected. Fair value $169.4 vs $113.42. YTD +32.7% — the strongest year of any holding.
In short: BUY, and the book's best performer this year at +39.7% YTD. Bought 1 Jul 2024; $122.3 against a $151.8 fair value (+24.2%). Forward PE 18.6 against a 26.3 five-year average. EPS 5.24 → 6.49 by 2028 plus a 2.6% yield, giving 9.99% expected annually — a materially lower figure than the enthusiasm in the 12 July write-up, largely because the shares have since risen.
In short: Second-best performer of June 2026 at +21.1% — the continuation of the run flagged in the July portfolio update, where it was already up more than 20% since TJ named it a favourite and still called cheap at 23x against a ~34x history. No new commentary here.
In short: A disclosed holding, newly written up here. "Inter Parfums runs a capital-light business that designs, manufactures, and distributes luxury fragrances… under exclusive worldwide licensing agreements with prestigious fashion brands like Montblanc, Jimmy Choo, and Coach." The moat is partnership plus reach: "its strong brand and long-term partnerships make Interparfums the go-to partner for luxury brands," scale rivals can't match, and "a global distribution network [that] spans more than 120 countries and 22,000 points of sale, making it extremely hard to replicate." TJ picked it as a favourite in early June and "the stock is up more than 20% since then. However… the expectations from Mr. Market are still very low." Valuation: 23x forward against an almost-34x historical average — "an undervaluation of almost 40% (!)" — and, like Kinsale, only 3.3% annual growth is needed for a 10% return.
Inter Parfums makes and sells perfume, but it does not own the names on the bottles. It signs exclusive worldwide licences with fashion houses — Montblanc, Jimmy Choo, Coach — and handles everything else: creating the fragrance, manufacturing it, and getting it onto shelves in more than 120 countries and 22,000 points of sale. The brand owner gets a royalty and keeps its image; Inter Parfums gets the economics without having to build a luxury house from scratch.
That arrangement is why the business needs so little capital. It is not carrying department stores or advertising a brand into existence; it is running a supply chain and a distribution network. And the network is the defence — a fashion house choosing a fragrance partner is really choosing shelf space in a hundred countries, which almost nobody else can offer. Once chosen, the partner tends to stay.
The valuation case is unusual because the shares had already risen more than 20% since a colleague flagged them in June, and Slegers still calls them cheap: 23 times next year's earnings against a long-run average near 34, roughly 40% below where the market has historically valued the same business. As with Kinsale, the reverse DCF says 3.3% annual cash-flow growth is all that is needed for a 10% return.
This is the first appearance of Inter Parfums in this archive, and it is disclosed as something already owned rather than a new purchase — presumably one of the six holdings covered in the unarchived Part II of the April portfolio update.
In short: BUY — and the evidence the rotation has begun: +35.1% in one month, taking it to +39.7% YTD and fifth-best performer in the universe, from −24%-ish territory in June. FV $175.8 vs $119.3 = 32.1% under (down from 40.5% a month earlier as the price rose); fwd PE 18.6 against 26.3; RDCF 3.0% vs 10.0% expected.
Inter Parfums licenses famous fashion names and makes and sells fragrances under them. It matters here less for what it does than for what it did this month: the shares rose 35.1% in four weeks, turning a badly negative year into a strongly positive one, and it is now the fifth-best performer in the whole watchlist.
That is the archive's first concrete evidence for a claim it has been making all summer — that when a style of investing comes back into favour, it does so suddenly rather than gradually. The caution is that three good weeks in three owned names is a very small sample, and the article presents it as encouragement rather than proof.
In short: BUY, Strong conviction. FV $153.3 vs $91.3 = 40.5% under; ER 14.4%; fwd PE 18.6 against 26.3 (29.3% under); RDCF 4.3% vs 10.0% expected. One of only two holdings positive on the year (+6.8%) — and it goes on to be the best one-month performer named in the July issue at +35.1%.
In short: BUY, Strong conviction. EPS growth 10.0%, dividend 3.5%, FWD PE 18.6 against a fair exit 20.0, expected return 14.3%, fair value 151.8 against 91.74 = 39.6% undervalued.
In short: Strong conviction. "Interparfums is in a perfect storm right now" — soft consumer spending, geopolitical uncertainty, stiffer competition and "a painful tariff squeeze on both EU exports and Chinese inputs." Against that, the licence pipeline keeps filling: Off-White (first sales 2027), Annick Goutal (2026, first full year 2027) and Longchamp, "projected to become a $100 million business in three to five years" with a major launch late 2026 / early 2027. "You can buy IPAR at it's cheapest valuation level ever."
Inter Parfums does not own famous perfume brands — it rents them. Fashion houses licence their names to it, and Inter Parfums does the formulating, manufacturing, marketing and distribution, keeping a share of the sales. Growth therefore comes from signing new names as much as from selling more of the old ones.
Right now everything that can go wrong at once has: shoppers are cautious, the geopolitical backdrop is unhelpful, competition is tougher, and tariffs squeeze the company from both ends — on what it exports out of Europe and on what it imports from China.
The offsetting fact is that the pipeline keeps filling. Off-White starts selling in 2027, Annick Goutal in 2026, and Longchamp is expected to become a $100 million brand within three to five years. Meanwhile the shares trade at the cheapest valuation in the company's history — which is the pattern across this whole portfolio: good businesses, temporarily unloved.
In short: BUY. 18.6x forward against a 26.3x five-year average (29.3% under), a 3.3% yield, a 14.1% expected return and the second-widest reverse-DCF margin on the sheet at +9.9pp — the price implies just 0.1% growth. Up 5.6% year to date.
In short: Disclosed holding, category "Basic Human Needs & Desires": licensed fragrance manufacturing and distribution. The one-line rationale is the category thesis in miniature — "AI can't replace fragrances."
In short: The issue's spotlight — "an interesting company with a 'Buy rating' we haven't talked about in a while." A licensed-fragrance business that "manufactures, markets, and distributes a wide range of fragrances under licensing agreements," hit by "macro issues, consumer spending, competition, and tariffs. These have resulted in a very low valuation." The growth is contracted rather than forecast: Off-White (first sales 2027), Annick Goutal and Longchamp (both late 2026), together "expected to generate over $100 million per year in 3-5 years." Four reasons given: rising fragrance demand, new brands starting to sell, temporary headwinds resolving, and "the stock looks quite cheap." Fragrance is "one of the most profitable and fastest growing segments in the beauty industry." Carries a ~4.5% weight and a roughly $8,500 unrealised loss.
Inter Parfums does not own famous fashion brands — it rents them. It signs exclusive worldwide agreements to make and sell the perfume for names like Montblanc, Jimmy Choo and Coach, and pays the brand a royalty. That means very little of its own capital is tied up in factories or brand-building, and its real asset is a distribution network reaching more than 120 countries, which is why luxury houses come to it rather than doing the work themselves.
The shares are cheap because several unrelated pressures landed at once — a weak consumer, competition, tariffs, general macro nerves — and Slegers reads all of them as temporary. What makes this more than hope is that the next leg of growth is already signed: three new licences, Longchamp and Annick Goutal starting to sell in late 2026 and Off-White in 2027, together expected to add over $100 million of annual revenue within three to five years. Fragrance is also one of the most profitable and fastest-growing corners of the beauty industry. Put together — rising demand, contracted new brands, fading headwinds and a low multiple — he calls it "a great setup to do very well." The position is about 4.5% of the book and currently down roughly $8,500.
In short: BUY, and a portfolio holding. 17.5x forward against a 26.3x average (33.5% under), a 15.0% expected return from 10.0% growth plus a 3.6% yield, a $160.6 fair value against $89.93 (44.0% under), and a +7.3pp reverse-DCF margin — the only Buy in the top fifteen of both the Earnings Growth Model and the portfolio sheet. Spotlighted ten days later on 15 February.
In short: BUY. Weight 3.8%, performance −20.2%. Four headwinds named and all four external: soft discretionary demand (especially Europe), geopolitical uncertainty weighing on retailer ordering, competitive pressure where "sell-ins [are] weaker, even though sell-outs (end-consumer demand) are more resilient", and tariffs — "15% tariffs on EU exports to the US and ~55% tariffs on Chinese components are squeezing margins." Against that, the licence pipeline keeps filling: Off-White (first sales 2027), Annick Goutal (2026, first full year 2027) and Longchamp, "projected to become a $100 million business in three to five years." Valuation: 19.5x forward against a 26.4x average ✅, Earnings Growth Model 15.0% ✅ (the highest in Part I), and a reverse DCF requiring −0.3% growth ✅ — the price implies no growth at all.
Inter Parfums licenses fashion names — Montblanc, Jimmy Choo, Coach — and makes, markets and distributes the fragrances that carry them. It owns almost no factories' worth of brand risk itself; it rents the names.
Everything hurting it is outside the company: shoppers cutting discretionary spending in Europe, retailers ordering cautiously, and tariffs of 15% on European exports to America and about 55% on Chinese components. The distinction he draws matters — sell-ins to retailers are weak while sell-outs to actual customers hold up, which means the problem is in the channel's inventory rather than in demand.
Meanwhile the pipeline of new licences keeps filling: Off-White from 2027, Annick Goutal from 2026, and Longchamp expected to reach $100 million of sales within three to five years. And the price now assumes none of it: working backwards, the shares are priced for cash flow to shrink slightly forever. Anything better than nothing is upside.
In short: BUY — bought 1 July 2024, 3.45% of the portfolio (the smallest weight, tied with Constellation) and the third-worst by dollars (about −$19,000).
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.