<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 提供於 Unsplash</p>
<p>作為我們在《收購者的多重性》系列中的一部分，每週我們都會重點介紹一隻可能被嚴重低估的股票。本週的重點是 Bath &amp; Body Works, Inc. (BBWI) — 一家在個人護理和家居香氛類別中擁有最強消費者品牌之一的專業零售商，支持其高度盈利的直銷模式和嚴格的資本回報計劃。</p>
<h3><strong>業務概述</strong></h3>
<p>Bath &amp; Body Works 在北美運營着超過 1,700 家門店，並通過特許經營夥伴在國際市場上不斷擴展。該公司銷售乳液、肥皂、身體護理、蠟燭和家居香氛 — 這些類別具有習慣性重複購買和強大的品牌忠誠度。</p>
<p>BBWI 的垂直整合模式（內部產品設計、營銷和供應鏈協調）使其能夠提供高利潤、快速週轉的產品，同時迅速響應消費者趨勢。儘管零售面臨逆風，BBWI 始終保持強勁的運營利潤率、穩健的自由現金流和積極的回購，隨着時間的推移，股份數量大幅減少。</p>
<h3><strong>什麼是 IV/P（內在價值與價格）？</strong></h3>
<p>IV/P 告訴你一隻股票是否提供比你支付的價格更高的內在價值。該比率結合了盈利能力、再投資效率和資本回報政策，以估算保守的價值衡量標準。</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>，這意味着內在價值估計比當前市場價格高出 <strong>約 40%</strong> — 這是一個強烈的低估信號。</p>
<h3><strong>支持指標</strong></h3>
<table>
<thead>
<tr>
<th>指標</th>
<th>數值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>市值</strong></td>
<td>≈ 43 億美元</td>
</tr>
<tr>
<td><strong>企業價值</strong></td>
<td>≈ 92–95 億美元</td>
</tr>
<tr>
<td><strong>自由現金流（TTM）</strong></td>
<td>≈ 9.46 億美元</td>
</tr>
<tr>
<td><strong>FCF 收益率</strong></td>
<td>≈ <strong>10–11%</strong> 基於企業價值</td>
</tr>
<tr>
<td><strong>收購者的多重性</strong></td>
<td><strong>7.20</strong></td>
</tr>
</tbody>
</table>
<p>BBWI 的 AM 為 7.2，直接處於經典的深度價值領域。市場似乎在定價停滯的增長和受壓的利潤率 — 然而該公司仍在產生強勁的現金流並減少股份基數。</p>
<h3><strong>收入與盈利能力</strong></h3>
<table>
<thead>
<tr>
<th>指標</th>
<th>TTM</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>收入</strong></td>
<td>73.5 億美元</td>
</tr>
<tr>
<td><strong>營業收入</strong></td>
<td>12 億美元</td>
</tr>
<tr>
<td><strong>營業利潤率</strong></td>
<td>≈ <strong>16%</strong></td>
</tr>
<tr>
<td><strong>淨收入</strong></td>
<td>6.99 億美元</td>
</tr>
<tr>
<td><strong>淨利潤率</strong></td>
<td>≈ <strong>9.5%</strong></td>
</tr>
<tr>
<td><strong>稀釋每股收益（TTM）</strong></td>
<td><strong>3.23</strong></td>
</tr>
</tbody>
</table>
<p>BBWI 仍然保持穩健的盈利能力。收入穩定，而成本控制支持持久的利潤率。即使在充滿挑戰的消費環境中，BBWI 仍繼續提供可觀的收益和現金流。</p>
<h3><strong>資產負債表強度</strong></h3>
<table>
<thead>
<tr>
<th>項目</th>
<th>數值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>現金及現金等價物</strong></td>
<td>≈ 6.74 億美元</td>
</tr>
<tr>
<td><strong>總債務</strong></td>
<td>≈ 49.6 億美元</td>
</tr>
<tr>
<td><strong>淨債務</strong></td>
<td>≈ 32.1 億美元</td>
</tr>
<tr>
<td><strong>股東權益</strong></td>
<td>≈ <strong>–13.8 億美元</strong></td>
</tr>
</tbody>
</table>
<p>由於多年的積極回購，BBWI 運營時股東權益為負 — 類似於 AutoZone 或 McDonald’s 等公司。流動性仍然充足，自由現金流輕鬆滿足債務和回購承諾。</p>
<h3><strong>資本回報</strong></h3>
<table>
<thead>
<tr>
<th>指標</th>
<th>數值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>回購（TTM）</strong></td>
<td>≈ <strong>3.96 億美元</strong></td>
</tr>
<tr>
<td><strong>自由現金流（TTM）</strong></td>
<td>≈ <strong>9.46 億美元</strong></td>
</tr>
<tr>
<td><strong>股息</strong></td>
<td>目前不支付（專注於回購）</td>
</tr>
</tbody>
</table>
<p>BBWI 優先考慮回購而非股息 — 當內在價值超過股價時，這是一種高投資回報率的策略。隨着 IV/P 為 1.40，在這些水平的回購顯著提高每股價值。</p>
<h3><strong>為什麼 BBWI 可能被低估</strong></h3>
<p>幾個因素指向錯誤定價：</p>
<ul>
<li>市場過於低估了消費者週期性和零售悲觀情緒。</li>
<li>儘管宏觀環境疲軟，BBWI 仍繼續產生強勁、穩定的自由現金流。</li>
<li>品牌的定價能力保持完好，得益於習慣性購物行為。</li>
<li>負股東權益是長期回購的結果 — <em>而不是</em> 財務困境。</li>
<li>IV/P 為 1.40 表明內在價值存在顯著折扣。</li>
<li>AM 為 7.2 表明該業務被定價為無增長零售商，儘管其利潤率高且收入基礎穩定。</li>
</ul>
<h3><strong>結論</strong></h3>
<p>憑藉 IV/P 為 1.40、極具吸引力的收購者多重性 7.20 和近 10 億美元的年度自由現金流，Bath &amp; Body Works (BBWI) 在專業零售中被篩選為一個引人注目的低估機會。其強大的品牌資產、持續的盈利能力和積極的回購為長期價值創造提供了多種途徑。</p>
<p>對於尋求以顯著折扣交易的現金生成型消費業務的價值投資者來説，BBWI 可能代表一個意外持久且被錯誤定價的機會。</p>
<hr/>
<p><em>更多來自此作者的內容：</em></p>
<p>我們對內在價值的計算：蘋果公司。</p>
<p>H&amp;R Block：強勁的現金流、高資本回報和深度價值機會</p>
<p>我們對內在價值的計算：沃爾瑪公司。</p>

BBWI

<p>Bath & Body Works (BBWI) 被認為是一隻被低估的股票，擁有強勁的自由現金流和穩健的直銷模式。儘管零售面臨挑戰，BBWI 仍保持高利潤率和積極的回購，減少了流通股數量。其內在價值與市場價格的比率（IV/P）為 1.40，表明內在價值比市場價格高出 40%，而收購者倍數（Acquirer’s Multiple）為 7.20，BBWI 被視為價值投資者的一個引人注目的機會。公司優先考慮回購而非分紅，從而提升每股價值。BBWI 的穩定收入和定價能力表明，由於市場悲觀情緒導致了錯誤定價</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 提供於 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>作為我們在《收購者的多重性》系列中的一部分，每週我們都會重點介紹一隻可能被嚴重低估的股票。本週的重點是 Bath &amp; Body Works, Inc. (BBWI) — 一家在個人護理和家居香氛類別中擁有最強消費者品牌之一的專業零售商，支持其高度盈利的直銷模式和嚴格的資本回報計劃。</p>
</div><h3><strong>Business Overview</strong></h3>
<div class="lb-trans"><h3><strong>業務概述</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 在北美運營着超過 1,700 家門店，並通過特許經營夥伴在國際市場上不斷擴展。該公司銷售乳液、肥皂、身體護理、蠟燭和家居香氛 — 這些類別具有習慣性重複購買和強大的品牌忠誠度。</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（內部產品設計、營銷和供應鏈協調）使其能夠提供高利潤、快速週轉的產品，同時迅速響應消費者趨勢。儘管零售面臨逆風，BBWI 始終保持強勁的運營利潤率、穩健的自由現金流和積極的回購，隨着時間的推移，股份數量大幅減少。</p>
</div><h3><strong>What Is IV/P (Intrinsic Value to Price)?</strong></h3>
<div class="lb-trans"><h3><strong>什麼是 IV/P（內在價值與價格）？</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 告訴你一隻股票是否提供比你支付的價格更高的內在價值。該比率結合了盈利能力、再投資效率和資本回報政策，以估算保守的價值衡量標準。</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>，這意味着內在價值估計比當前市場價格高出 <strong>約 40%</strong> — 這是一個強烈的低估信號。</p>
</div><h3><strong>Supporting Metrics</strong></h3>
<div class="lb-trans"><h3><strong>支持指標</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>指標</th>
<th>數值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>市值</strong></td>
<td>≈ 43 億美元</td>
</tr>
<tr>
<td><strong>企業價值</strong></td>
<td>≈ 92–95 億美元</td>
</tr>
<tr>
<td><strong>自由現金流（TTM）</strong></td>
<td>≈ 9.46 億美元</td>
</tr>
<tr>
<td><strong>FCF 收益率</strong></td>
<td>≈ <strong>10–11%</strong> 基於企業價值</td>
</tr>
<tr>
<td><strong>收購者的多重性</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 為 7.2，直接處於經典的深度價值領域。市場似乎在定價停滯的增長和受壓的利潤率 — 然而該公司仍在產生強勁的現金流並減少股份基數。</p>
</div><h3><strong>Revenue &amp; Profitability</strong></h3>
<div class="lb-trans"><h3><strong>收入與盈利能力</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>指標</th>
<th>TTM</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>收入</strong></td>
<td>73.5 億美元</td>
</tr>
<tr>
<td><strong>營業收入</strong></td>
<td>12 億美元</td>
</tr>
<tr>
<td><strong>營業利潤率</strong></td>
<td>≈ <strong>16%</strong></td>
</tr>
<tr>
<td><strong>淨收入</strong></td>
<td>6.99 億美元</td>
</tr>
<tr>
<td><strong>淨利潤率</strong></td>
<td>≈ <strong>9.5%</strong></td>
</tr>
<tr>
<td><strong>稀釋每股收益（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 仍然保持穩健的盈利能力。收入穩定，而成本控制支持持久的利潤率。即使在充滿挑戰的消費環境中，BBWI 仍繼續提供可觀的收益和現金流。</p>
</div><h3><strong>Balance Sheet Strength</strong></h3>
<div class="lb-trans"><h3><strong>資產負債表強度</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>項目</th>
<th>數值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>現金及現金等價物</strong></td>
<td>≈ 6.74 億美元</td>
</tr>
<tr>
<td><strong>總債務</strong></td>
<td>≈ 49.6 億美元</td>
</tr>
<tr>
<td><strong>淨債務</strong></td>
<td>≈ 32.1 億美元</td>
</tr>
<tr>
<td><strong>股東權益</strong></td>
<td>≈ <strong>–13.8 億美元</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>由於多年的積極回購，BBWI 運營時股東權益為負 — 類似於 AutoZone 或 McDonald’s 等公司。流動性仍然充足，自由現金流輕鬆滿足債務和回購承諾。</p>
</div><h3><strong>Capital Returns</strong></h3>
<div class="lb-trans"><h3><strong>資本回報</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>指標</th>
<th>數值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>回購（TTM）</strong></td>
<td>≈ <strong>3.96 億美元</strong></td>
</tr>
<tr>
<td><strong>自由現金流（TTM）</strong></td>
<td>≈ <strong>9.46 億美元</strong></td>
</tr>
<tr>
<td><strong>股息</strong></td>
<td>目前不支付（專注於回購）</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 優先考慮回購而非股息 — 當內在價值超過股價時，這是一種高投資回報率的策略。隨着 IV/P 為 1.40，在這些水平的回購顯著提高每股價值。</p>
</div><h3><strong>Why BBWI Might Be Undervalued</strong></h3>
<div class="lb-trans"><h3><strong>為什麼 BBWI 可能被低估</strong></h3>
</div><p>Several factors point toward a mispricing:</p>
<div class="lb-trans"><p>幾個因素指向錯誤定價：</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>市場過於低估了消費者週期性和零售悲觀情緒。</li>
<li>儘管宏觀環境疲軟，BBWI 仍繼續產生強勁、穩定的自由現金流。</li>
<li>品牌的定價能力保持完好，得益於習慣性購物行為。</li>
<li>負股東權益是長期回購的結果 — <em>而不是</em> 財務困境。</li>
<li>IV/P 為 1.40 表明內在價值存在顯著折扣。</li>
<li>AM 為 7.2 表明該業務被定價為無增長零售商，儘管其利潤率高且收入基礎穩定。</li>
</ul>
</div><h3><strong>Conclusion</strong></h3>
<div class="lb-trans"><h3><strong>結論</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>憑藉 IV/P 為 1.40、極具吸引力的收購者多重性 7.20 和近 10 億美元的年度自由現金流，Bath &amp; Body Works (BBWI) 在專業零售中被篩選為一個引人注目的低估機會。其強大的品牌資產、持續的盈利能力和積極的回購為長期價值創造提供了多種途徑。</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>對於尋求以顯著折扣交易的現金生成型消費業務的價值投資者來説，BBWI 可能代表一個意外持久且被錯誤定價的機會。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的內容：</em></p>
</div><p>Our Calculation of Intrinsic Value: Apple Inc.</p>
<div class="lb-trans"><p>我們對內在價值的計算：蘋果公司。</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：強勁的現金流、高資本回報和深度價值機會</p>
</div><p>Our Calculation Of Intrinsic Value: Walmart Inc.</p>
<div class="lb-trans"><p>我們對內在價值的計算：沃爾瑪公司。</p>
</div>

Bath & Body Works：被低估的零售業領軍者，擁有強勁的自由現金流