<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1648288582532-7ca072ae2ee3/query-Zm09anBnJml4aWQ9TTN3eE1qQTNmREI4TUh4d2FHOTBieTF3WVdkbGZIeDhmR1Z1ZkRCOGZIeDhmQT09Jml4bGliPXJiLTQuMS4wJnE9NjAmdz0zMDAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="3000" height="1688" original-src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1648288582532-7ca072ae2ee3/query-Zm09anBnJml4aWQ9TTN3eE1qQTNmREI4TUh4d2FHOTBieTF3WVdkbGZIeDhmR1Z1ZkRCOGZIeDhmQT09Jml4bGliPXJiLTQuMS4wJnE9NjAmdz0zMDAw"/></p>
<p>照片由 Md Mahdi 提供于 Unsplash</p>
<p>作为我们在《收购者的多重性》系列中的一部分，每周我们都会重点介绍一只可能被严重低估的股票。本周的重点是 Bath &amp; Body Works, Inc. (BBWI) — 一家在个人护理和家居香氛类别中拥有最强消费者品牌之一的专业零售商，支持其高度盈利的直销模式和严格的资本回报计划。</p>
<h3><strong>业务概述</strong></h3>
<p>Bath &amp; Body Works 在北美运营着超过 1,700 家门店，并通过特许经营伙伴在国际市场上不断扩展。该公司销售乳液、肥皂、身体护理、蜡烛和家居香氛 — 这些类别具有习惯性重复购买和强大的品牌忠诚度。</p>
<p>BBWI 的垂直整合模式（内部产品设计、营销和供应链协调）使其能够提供高利润、快速周转的产品，同时迅速响应消费者趋势。尽管零售面临逆风，BBWI 始终保持强劲的运营利润率、稳健的自由现金流和积极的回购，随着时间的推移，股份数量大幅减少。</p>
<h3><strong>什么是 IV/P（内在价值与价格）？</strong></h3>
<p>IV/P 告诉你一只股票是否提供比你支付的价格更高的内在价值。该比率结合了盈利能力、再投资效率和资本回报政策，以估算保守的价值衡量标准。</p>
<p><strong>IV/P &gt; 1 → 被低估</strong></p>
<p><strong>IV/P &lt; 1 → 被高估</strong></p>
<p><strong>BBWI 的 IV/P = 1.40</strong>，这意味着内在价值估计比当前市场价格高出 <strong>约 40%</strong> — 这是一个强烈的低估信号。</p>
<h3><strong>支持指标</strong></h3>
<table>
<thead>
<tr>
<th>指标</th>
<th>数值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>市值</strong></td>
<td>≈ 43 亿美元</td>
</tr>
<tr>
<td><strong>企业价值</strong></td>
<td>≈ 92–95 亿美元</td>
</tr>
<tr>
<td><strong>自由现金流（TTM）</strong></td>
<td>≈ 9.46 亿美元</td>
</tr>
<tr>
<td><strong>FCF 收益率</strong></td>
<td>≈ <strong>10–11%</strong> 基于企业价值</td>
</tr>
<tr>
<td><strong>收购者的多重性</strong></td>
<td><strong>7.20</strong></td>
</tr>
</tbody>
</table>
<p>BBWI 的 AM 为 7.2，直接处于经典的深度价值领域。市场似乎在定价停滞的增长和受压的利润率 — 然而该公司仍在产生强劲的现金流并减少股份基数。</p>
<h3><strong>收入与盈利能力</strong></h3>
<table>
<thead>
<tr>
<th>指标</th>
<th>TTM</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>收入</strong></td>
<td>73.5 亿美元</td>
</tr>
<tr>
<td><strong>营业收入</strong></td>
<td>12 亿美元</td>
</tr>
<tr>
<td><strong>营业利润率</strong></td>
<td>≈ <strong>16%</strong></td>
</tr>
<tr>
<td><strong>净收入</strong></td>
<td>6.99 亿美元</td>
</tr>
<tr>
<td><strong>净利润率</strong></td>
<td>≈ <strong>9.5%</strong></td>
</tr>
<tr>
<td><strong>稀释每股收益（TTM）</strong></td>
<td><strong>3.23</strong></td>
</tr>
</tbody>
</table>
<p>BBWI 仍然保持稳健的盈利能力。收入稳定，而成本控制支持持久的利润率。即使在充满挑战的消费环境中，BBWI 仍继续提供可观的收益和现金流。</p>
<h3><strong>资产负债表强度</strong></h3>
<table>
<thead>
<tr>
<th>项目</th>
<th>数值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>现金及现金等价物</strong></td>
<td>≈ 6.74 亿美元</td>
</tr>
<tr>
<td><strong>总债务</strong></td>
<td>≈ 49.6 亿美元</td>
</tr>
<tr>
<td><strong>净债务</strong></td>
<td>≈ 32.1 亿美元</td>
</tr>
<tr>
<td><strong>股东权益</strong></td>
<td>≈ <strong>–13.8 亿美元</strong></td>
</tr>
</tbody>
</table>
<p>由于多年的积极回购，BBWI 运营时股东权益为负 — 类似于 AutoZone 或 McDonald’s 等公司。流动性仍然充足，自由现金流轻松满足债务和回购承诺。</p>
<h3><strong>资本回报</strong></h3>
<table>
<thead>
<tr>
<th>指标</th>
<th>数值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>回购（TTM）</strong></td>
<td>≈ <strong>3.96 亿美元</strong></td>
</tr>
<tr>
<td><strong>自由现金流（TTM）</strong></td>
<td>≈ <strong>9.46 亿美元</strong></td>
</tr>
<tr>
<td><strong>股息</strong></td>
<td>目前不支付（专注于回购）</td>
</tr>
</tbody>
</table>
<p>BBWI 优先考虑回购而非股息 — 当内在价值超过股价时，这是一种高投资回报率的策略。随着 IV/P 为 1.40，在这些水平的回购显著提高每股价值。</p>
<h3><strong>为什么 BBWI 可能被低估</strong></h3>
<p>几个因素指向错误定价：</p>
<ul>
<li>市场过于低估了消费者周期性和零售悲观情绪。</li>
<li>尽管宏观环境疲软，BBWI 仍继续产生强劲、稳定的自由现金流。</li>
<li>品牌的定价能力保持完好，得益于习惯性购物行为。</li>
<li>负股东权益是长期回购的结果 — <em>而不是</em> 财务困境。</li>
<li>IV/P 为 1.40 表明内在价值存在显著折扣。</li>
<li>AM 为 7.2 表明该业务被定价为无增长零售商，尽管其利润率高且收入基础稳定。</li>
</ul>
<h3><strong>结论</strong></h3>
<p>凭借 IV/P 为 1.40、极具吸引力的收购者多重性 7.20 和近 10 亿美元的年度自由现金流，Bath &amp; Body Works (BBWI) 在专业零售中被筛选为一个引人注目的低估机会。其强大的品牌资产、持续的盈利能力和积极的回购为长期价值创造提供了多种途径。</p>
<p>对于寻求以显著折扣交易的现金生成型消费业务的价值投资者来说，BBWI 可能代表一个意外持久且被错误定价的机会。</p>
<hr/>
<p><em>更多来自此作者的内容：</em></p>
<p>我们对内在价值的计算：苹果公司。</p>
<p>H&amp;R Block：强劲的现金流、高资本回报和深度价值机会</p>
<p>我们对内在价值的计算：沃尔玛公司。</p>

BBWI

<p>Bath & Body Works (BBWI) 被认为是一只被低估的股票，拥有强劲的自由现金流和稳健的直销模式。尽管零售面临挑战，BBWI 仍保持高利润率和积极的回购，减少了流通股数量。其内在价值与市场价格的比率（IV/P）为 1.40，表明内在价值比市场价格高出 40%，而收购者倍数（Acquirer’s Multiple）为 7.20，BBWI 被视为价值投资者的一个引人注目的机会。公司优先考虑回购而非分红，从而提升每股价值。BBWI 的稳定收入和定价能力表明，由于市场悲观情绪导致了错误定价</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1648288582532-7ca072ae2ee3/query-Zm09anBnJml4aWQ9TTN3eE1qQTNmREI4TUh4d2FHOTBieTF3WVdkbGZIeDhmR1Z1ZkRCOGZIeDhmQT09Jml4bGliPXJiLTQuMS4wJnE9NjAmdz0zMDAw" alt="" original-src="https://images.unsplash.com/photo-1648288582532-7ca072ae2ee3?fm=jpg&amp;q=60&amp;w=3000&amp;ixlib=rb-4.1.0&amp;ixid=M3wxMjA3fDB8MHxwaG90by1wYWdlfHx8fGVufDB8fHx8fA%3D%3D"/></p>
<p>Photo by Md Mahdi on Unsplash</p>
<div class="lb-trans"><p>照片由 Md Mahdi 提供于 Unsplash</p>
</div><p>As part of our ongoing series at The Acquirer’s Multiple, each week we spotlight a stock from our Stock Screeners that might be a deeply undervalued gem hiding in plain sight. This week’s spotlight is Bath &amp; Body Works, Inc. (BBWI) — a specialty retailer with one of the strongest consumer brands in the personal care and home fragrance categories, supported by a highly profitable direct-to-consumer model and a disciplined capital return program.</p>
<div class="lb-trans"><p>作为我们在《收购者的多重性》系列中的一部分，每周我们都会重点介绍一只可能被严重低估的股票。本周的重点是 Bath &amp; Body Works, Inc. (BBWI) — 一家在个人护理和家居香氛类别中拥有最强消费者品牌之一的专业零售商，支持其高度盈利的直销模式和严格的资本回报计划。</p>
</div><h3><strong>Business Overview</strong></h3>
<div class="lb-trans"><h3><strong>业务概述</strong></h3>
</div><p>Bath &amp; Body Works operates a network of over 1,700 stores in North America and a growing international presence through franchise partners. The company sells lotions, soaps, body care, candles, and home fragrances — categories with habitual repeat purchasing and strong brand loyalty.</p>
<div class="lb-trans"><p>Bath &amp; Body Works 在北美运营着超过 1,700 家门店，并通过特许经营伙伴在国际市场上不断扩展。该公司销售乳液、肥皂、身体护理、蜡烛和家居香氛 — 这些类别具有习惯性重复购买和强大的品牌忠诚度。</p>
</div><p>BBWI’s vertically integrated model (in-house product design, marketing, and supply chain coordination) allows it to deliver high-margin, fast-turnover products while rapidly responding to consumer trends. Despite retail headwinds, BBWI consistently produces strong operating margins, robust free cash flow, and aggressive buybacks that have materially shrunk the share count over time.</p>
<div class="lb-trans"><p>BBWI 的垂直整合模式（内部产品设计、营销和供应链协调）使其能够提供高利润、快速周转的产品，同时迅速响应消费者趋势。尽管零售面临逆风，BBWI 始终保持强劲的运营利润率、稳健的自由现金流和积极的回购，随着时间的推移，股份数量大幅减少。</p>
</div><h3><strong>What Is IV/P (Intrinsic Value to Price)?</strong></h3>
<div class="lb-trans"><h3><strong>什么是 IV/P（内在价值与价格）？</strong></h3>
</div><p>IV/P tells you whether a stock offers more intrinsic value than the price you’re paying. The ratio blends earnings power, reinvestment efficiency, and capital-return policy to estimate a conservative measure of worth.</p>
<div class="lb-trans"><p>IV/P 告诉你一只股票是否提供比你支付的价格更高的内在价值。该比率结合了盈利能力、再投资效率和资本回报政策，以估算保守的价值衡量标准。</p>
</div><p><strong>IV/P &gt; 1 → Undervalued</strong></p>
<div class="lb-trans"><p><strong>IV/P &gt; 1 → 被低估</strong></p>
</div><p><strong>IV/P &lt; 1 → Overvalued</strong></p>
<div class="lb-trans"><p><strong>IV/P &lt; 1 → 被高估</strong></p>
</div><p><strong>BBWI’s IV/P = 1.40</strong>, meaning intrinsic value is estimated to be <strong>~40% higher</strong> than the current market price — a strong signal of undervaluation.</p>
<div class="lb-trans"><p><strong>BBWI 的 IV/P = 1.40</strong>，这意味着内在价值估计比当前市场价格高出 <strong>约 40%</strong> — 这是一个强烈的低估信号。</p>
</div><h3><strong>Supporting Metrics</strong></h3>
<div class="lb-trans"><h3><strong>支持指标</strong></h3>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Value</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Market Cap</strong></td>
<td>≈ US$ 4.3B</td>
</tr>
<tr>
<td><strong>Enterprise Value</strong></td>
<td>≈ US$ 9.2–9.5B</td>
</tr>
<tr>
<td><strong>Free Cash Flow (TTM)</strong></td>
<td>≈ US$ <strong>946M</strong></td>
</tr>
<tr>
<td><strong>FCF Yield</strong></td>
<td>≈ <strong>10–11%</strong> on EV</td>
</tr>
<tr>
<td><strong>Acquirer’s Multiple</strong></td>
<td><strong>7.20</strong></td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>数值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>市值</strong></td>
<td>≈ 43 亿美元</td>
</tr>
<tr>
<td><strong>企业价值</strong></td>
<td>≈ 92–95 亿美元</td>
</tr>
<tr>
<td><strong>自由现金流（TTM）</strong></td>
<td>≈ 9.46 亿美元</td>
</tr>
<tr>
<td><strong>FCF 收益率</strong></td>
<td>≈ <strong>10–11%</strong> 基于企业价值</td>
</tr>
<tr>
<td><strong>收购者的多重性</strong></td>
<td><strong>7.20</strong></td>
</tr>
</tbody>
</table>
</div><p>BBWI’s AM of 7.2 places it directly in classic deep-value territory. The market appears to be pricing in stagnant growth and pressured margins — yet the company is still producing strong cash flow and shrinking the share base.</p>
<div class="lb-trans"><p>BBWI 的 AM 为 7.2，直接处于经典的深度价值领域。市场似乎在定价停滞的增长和受压的利润率 — 然而该公司仍在产生强劲的现金流并减少股份基数。</p>
</div><h3><strong>Revenue &amp; Profitability</strong></h3>
<div class="lb-trans"><h3><strong>收入与盈利能力</strong></h3>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>TTM</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Revenue</strong></td>
<td>US$ <strong>7.35B</strong></td>
</tr>
<tr>
<td><strong>Operating Income</strong></td>
<td>US$ <strong>1.20B</strong></td>
</tr>
<tr>
<td><strong>Operating Margin</strong></td>
<td>≈ <strong>16%</strong></td>
</tr>
<tr>
<td><strong>Net Income</strong></td>
<td>US$ <strong>699M</strong></td>
</tr>
<tr>
<td><strong>Net Margin</strong></td>
<td>≈ <strong>9.5%</strong></td>
</tr>
<tr>
<td><strong>Diluted EPS (TTM)</strong></td>
<td><strong>3.23</strong></td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>TTM</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>收入</strong></td>
<td>73.5 亿美元</td>
</tr>
<tr>
<td><strong>营业收入</strong></td>
<td>12 亿美元</td>
</tr>
<tr>
<td><strong>营业利润率</strong></td>
<td>≈ <strong>16%</strong></td>
</tr>
<tr>
<td><strong>净收入</strong></td>
<td>6.99 亿美元</td>
</tr>
<tr>
<td><strong>净利润率</strong></td>
<td>≈ <strong>9.5%</strong></td>
</tr>
<tr>
<td><strong>稀释每股收益（TTM）</strong></td>
<td><strong>3.23</strong></td>
</tr>
</tbody>
</table>
</div><p>BBWI remains solidly profitable. Revenue has been stable, while cost discipline supports durable margins. Even in a challenging consumer environment, BBWI continues to deliver substantial earnings and cash flow.</p>
<div class="lb-trans"><p>BBWI 仍然保持稳健的盈利能力。收入稳定，而成本控制支持持久的利润率。即使在充满挑战的消费环境中，BBWI 仍继续提供可观的收益和现金流。</p>
</div><h3><strong>Balance Sheet Strength</strong></h3>
<div class="lb-trans"><h3><strong>资产负债表强度</strong></h3>
</div><table>
<thead>
<tr>
<th>Item</th>
<th>Value</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Cash &amp; Equivalents</strong></td>
<td>≈ US$ <strong>674M</strong></td>
</tr>
<tr>
<td><strong>Total Debt</strong></td>
<td>≈ US$ <strong>4.96B</strong></td>
</tr>
<tr>
<td><strong>Net Debt</strong></td>
<td>≈ <strong>US$ 3.21B</strong></td>
</tr>
<tr>
<td><strong>Shareholders’ Equity</strong></td>
<td>≈ <strong>–1.38B</strong></td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>项目</th>
<th>数值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>现金及现金等价物</strong></td>
<td>≈ 6.74 亿美元</td>
</tr>
<tr>
<td><strong>总债务</strong></td>
<td>≈ 49.6 亿美元</td>
</tr>
<tr>
<td><strong>净债务</strong></td>
<td>≈ 32.1 亿美元</td>
</tr>
<tr>
<td><strong>股东权益</strong></td>
<td>≈ <strong>–13.8 亿美元</strong></td>
</tr>
</tbody>
</table>
</div><p>BBWI operates with negative equity due to years of aggressive share repurchases — similar to companies like AutoZone or McDonald’s. Liquidity remains adequate, and free cash flow easily services debt and buyback commitments.</p>
<div class="lb-trans"><p>由于多年的积极回购，BBWI 运营时股东权益为负 — 类似于 AutoZone 或 McDonald’s 等公司。流动性仍然充足，自由现金流轻松满足债务和回购承诺。</p>
</div><h3><strong>Capital Returns</strong></h3>
<div class="lb-trans"><h3><strong>资本回报</strong></h3>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Value</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Buybacks (TTM)</strong></td>
<td>≈ <strong>US$ 396M</strong></td>
</tr>
<tr>
<td><strong>Free Cash Flow (TTM)</strong></td>
<td>≈ <strong>US$ 946M</strong></td>
</tr>
<tr>
<td><strong>Dividend</strong></td>
<td>Not currently paid (focus on repurchases)</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>数值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>回购（TTM）</strong></td>
<td>≈ <strong>3.96 亿美元</strong></td>
</tr>
<tr>
<td><strong>自由现金流（TTM）</strong></td>
<td>≈ <strong>9.46 亿美元</strong></td>
</tr>
<tr>
<td><strong>股息</strong></td>
<td>目前不支付（专注于回购）</td>
</tr>
</tbody>
</table>
</div><p>BBWI prioritizes buybacks over dividends — a high-ROI strategy when intrinsic value exceeds the share price. With an IV/P of 1.40, buybacks at these levels meaningfully increase per-share value.</p>
<div class="lb-trans"><p>BBWI 优先考虑回购而非股息 — 当内在价值超过股价时，这是一种高投资回报率的策略。随着 IV/P 为 1.40，在这些水平的回购显著提高每股价值。</p>
</div><h3><strong>Why BBWI Might Be Undervalued</strong></h3>
<div class="lb-trans"><h3><strong>为什么 BBWI 可能被低估</strong></h3>
</div><p>Several factors point toward a mispricing:</p>
<div class="lb-trans"><p>几个因素指向错误定价：</p>
</div><ul>
<li>The market is overly discounting consumer cyclicality and retail pessimism.</li>
<li>Despite macro softness, BBWI continues to generate strong, consistent FCF.</li>
<li>The brand’s pricing power remains intact, supported by habitual shopping behavior.</li>
<li>Negative equity is the result of long-term buybacks — <em>not</em> financial distress.</li>
<li>An IV/P of 1.40 signals a substantial discount to intrinsic value.</li>
<li>An AM of 7.2 suggests the business is being priced like a no-growth retailer, despite its high margins and stable revenue base.</li>
</ul>
<div class="lb-trans"><ul>
<li>市场过于低估了消费者周期性和零售悲观情绪。</li>
<li>尽管宏观环境疲软，BBWI 仍继续产生强劲、稳定的自由现金流。</li>
<li>品牌的定价能力保持完好，得益于习惯性购物行为。</li>
<li>负股东权益是长期回购的结果 — <em>而不是</em> 财务困境。</li>
<li>IV/P 为 1.40 表明内在价值存在显著折扣。</li>
<li>AM 为 7.2 表明该业务被定价为无增长零售商，尽管其利润率高且收入基础稳定。</li>
</ul>
</div><h3><strong>Conclusion</strong></h3>
<div class="lb-trans"><h3><strong>结论</strong></h3>
</div><p>With an IV/P of 1.40, a highly attractive Acquirer’s Multiple of 7.20, and nearly US$ 1B of annual free cash flow, Bath &amp; Body Works (BBWI) screens as a compelling undervalued opportunity in specialty retail. Its strong brand equity, consistent profitability, and aggressive buybacks provide multiple avenues for long-term value creation.</p>
<div class="lb-trans"><p>凭借 IV/P 为 1.40、极具吸引力的收购者多重性 7.20 和近 10 亿美元的年度自由现金流，Bath &amp; Body Works (BBWI) 在专业零售中被筛选为一个引人注目的低估机会。其强大的品牌资产、持续的盈利能力和积极的回购为长期价值创造提供了多种途径。</p>
</div><p>For value investors seeking a cash-generative consumer business trading at a meaningful discount to intrinsic value, BBWI may represent a surprisingly durable and mispriced opportunity.</p>
<div class="lb-trans"><p>对于寻求以显著折扣交易的现金生成型消费业务的价值投资者来说，BBWI 可能代表一个意外持久且被错误定价的机会。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的内容：</em></p>
</div><p>Our Calculation of Intrinsic Value: Apple Inc.</p>
<div class="lb-trans"><p>我们对内在价值的计算：苹果公司。</p>
</div><p>H&amp;R Block: Strong Cash Flows, High Capital Returns, And A Deep Value Opportunity</p>
<div class="lb-trans"><p>H&amp;R Block：强劲的现金流、高资本回报和深度价值机会</p>
</div><p>Our Calculation Of Intrinsic Value: Walmart Inc.</p>
<div class="lb-trans"><p>我们对内在价值的计算：沃尔玛公司。</p>
</div>

Bath & Body Works：被低估的零售业领军者，拥有强劲的自由现金流