Owner of the Victoria's Secret brand of intimate apparel and swimwear, the name of the company was just recently changed to L Brands, Inc. (LTD-NYSE). The company's most important quarter is November-December-January, but intimate apparel sales tend to cool down by February, and then heat up again somewhat in the Summer months. Despite brand loyalty and the value of its franchise, I believe this stock could be over-valued in the market, based on the following: My earnings per share estimates are $3.14E and $3.28E for its fiscal years ending in January 2014 and January 2015, respectively, or a less than impressive projected increase of about 4.3%E. I derived this growth estimate as follows: Revenues increased at an average annual rate of about 4.3%, from about $9613 million for its fiscal year ended February 1, 2011, to about $10459 million for its fiscal year ended January 28, 2013. (E is for Estimate.)