It seems like the recent failed IPO’s aren’t dissuading BIRK from moving forward with its plans. The L Catterton backed German footwear company announced it would be going public earlier this month. The company is getting ready to begin its roadshow next week; taking orders as early as Monday the 2nd. In the original announcement earlier this year, the price tag was $6bn (Catterton bought at $4bn), then it crept up to $7-8bn, but now (while the bankers test the waters in the press) its clocking in at $10bn. In our Black Book we will dive into the right growth trajectory for the brand, the right margin structure, and ultimately, the right price. Based on the price tag and sustainability of the growth rate, this looks like a hard-pass for anyone with duration, unless the bankers come back down to earth with valuation and leave some room for shareholders to win.
Call Details:
Wednesday October 4th at 12:30PM ET
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