Heard on the Street: Victoria’s Secret shares jumped on their debut as a stand-alone company but remain cheap
, Victoria’s Secret is shedding its supermodel wings and hiking solo. Good news for investors: Its shares don’t seem to have reached peak elevation.after its spinoff
from L Brands . Its shares have jumped 25% since their trading debut, giving the company a market capitalization of roughly $5 billion. Still, they fetch a modest eight times forward-12-month earnings. That is a sizable discount compared to Hanesbrands and American Eagle Outfitters , which hold the second- and third-largest market share in women’s underwear in North America, according to Euromonitor International. Victoria’s Secret is No. 1.
The brand made two splashy announcements in June, including an activist-filled slate of brand ambassadors in lieu of its scantily clad angels. It also put in place aof directors, six of whom are women. But it is the behind-the-scenes work that deserves the spotlight. The company has quietly been putting in the work for some time, changing its outdated marketing message, trimming down inventory and holding back on promotions.
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