Inter Parfums, Inc. IPAR

Inter Parfums looks like a high‑quality, mid‑sized compounder in prestige fragrance: asset‑light operations, steady mid‑60s gross margins, ~19% operating margins, and strong ROIC have translated into a five‑year revenue CAGR around 28% and free‑cash‑flow CAGR near 36%. Long‑dated licenses plus new owned IP (Off‑White, Goutal) support durability, and the pipeline into 2026–2027 adds fresh legs. The flip side is a softer moat than fully owned brands, heavy working‑capital needs, supplier bottlenecks, and a near‑term governance overhang from internal‑control weaknesses. With shares roughly in line with a scenario‑weighted fair value around $111, the opportunity today is about backing continued execution rather than buying a big discount; if Off‑White/Longchamp land well and controls are remediated, the story can keep compounding for years.