Tiffany & Co.: Iconic Luxury Brand at Discount to Private Market Value

Chris Swasbrook of Elevation Capital Management presented his in-depth investment thesis on Tiffany & Co. (NYSE: TIF) at Best Ideas 2018.

Tiffany is an American heritage luxury brand, operating 315 stores in 30 countries. The Tiffany brand is one of the most iconic luxury brands, with a storied history that started in New York City when Charles Tiffany founded it in 1837. Based on Interbrand’s ranking, Tiffany is one of the most valuable global luxury brands, ranked fifth among global luxury players. Tiffany is the #1 American luxury brand. Tiffany was immortalized by the 1961 movie “Breakfast at Tiffany’s”. Tiffany is one of few jewelers that has established a vertically integrated business model that provides a perception of quality and luxury. Even though the stock has recovered from recent lows to ~$95, it trades at a discount to global peers and a discount to Chris’s estimate of private market value.

About the instructor:

Christopher Swasbrook is the Founder and Managing Director of Elevation Capital Management Limited a global investment manager based in Auckland, New Zealand. He was previously a Partner of Goldman Sachs JBWere Pty Limited and Co-Head of Institutional Equities at Goldman Sachs JBWere (NZ) Limited. Christopher is a member of the NZX Listing Sub-Committee (since 2008) and a member of the NZ Markets Disciplinary Tribunal (since 2013). He is also Chairman of Bethunes Investments Limited (BIL). Christopher graduated from The University of Auckland with a BCom (Economics) in 1996, having started his career in financial markets as an analyst in November 1995.

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