On Monday, December 13th at 10am EST we’re hosting a Black Book on BIRD to outline the key takeaways from the first two quarters as well as our long-term thesis on the company. To get a real sense as to what BIRD is worth, we need to roll the clock forward a few years and see where the revenue base, margin structure and capital intensity are likely to shake out. From where we sit 30% annual top line is a slam dunk for this brand, especially given that it has only 11% brand awareness, with huge upside for new customer acquisition. The bear case we most often here is that this brand had its moment in the sun and is now dead – something we completely disagree with and will go through in our presentation. Beyond brand heat, this company is a highly attractive 100% DTC model with Gross Margins that can build to 60% and EBIT margins that can get to mid-teens over a TAIL duration. From our point of view we can build up to $0.75-$1.00 in earnings which we value at a $30 stock, or a double from current levels.
Call Details
Date/Time: Monday, December 13th at 10AM EST Add to Calendar: CLICK HERE
Live Video Link: CLICK HERE
