Victoria's Secret & Co. (VSCO)

Retail-Women's Clothing Stores

Latest Price

$54.30

TTM P/E

21.63

Normalized P/E

19.01

Div Yield

Book Value

9.75

P/B Ratio

5.57

Valuation metrics

EPS: $1.93

Book value / share: $10.70

Formula: √(22.5 × EPS × BVPS)

Graham Number

$21.56

60% downside

Norm. op. income: $271M (median of 5yr)

Tax rate: 20%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$21.38

61% downside

Base FCF: $312M (median of recent 5yr)

Growth: 5%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$60.01

+11% upside

EPS: $1.93

Target P/E: 19×

Formula: EPS × P/E

P/E Fair Value

$36.67

32% downside

100.0% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	11.91M	$994.0M	14.89%	+52.9K	2026-06-30
FMR LLC	9.44M	$787.0M	11.79%	+3.22M	2026-06-30
BBFIT INVESTMENTS PTE LTD	8.90M	$742.0M	11.12%	-1.41M	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	4.93M	$411.0M	6.16%	+280.4K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	3.57M	$298.0M	4.46%	-12.5K	2026-06-30
STATE STREET CORP	3.07M	$255.0M	3.83%	+57.1K	2026-06-30
GOLDMAN SACHS GROUP INC	2.11M	$175.0M	2.63%	+278.2K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	2.11M	$175.0M	2.63%	+77.6K	2026-06-30
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	1.96M	$163.0M	2.45%	+619.6K	2026-06-30
DIMENSIONAL FUND ADVISORS LP	1.94M	$162.0M	2.43%	-1.0K	2026-06-30