Samsonite International SA (HK: 1910), the world’s largest luggage maker, is listed in Hong Kong and headquartered in Mansfield, Massachusetts, in the United States. Despite a history of mediocrity which included lurching from the precipice of one restructuring to another, today Samsonite trades near all-time highs. Indeed, Samsonite trades at a premium valuation in line with luxury brands such as Burberry (BRBY) on an EV/EBITDA multiple. We believe this premium is entirely unjustified, especially given Samsonite’s questionable accounting practices and poor corporate governance.