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Birkenstock Slides on IPO 

A rough start for the Birkenstock (BIRK) IPO. Down 13% on the first day of trading. Buzz was that the IPO was massively oversubscribed, and allocations heavily favored the Long-only community.  Yet another failed large scale IPO.  Fair value for this stock, when the dust settles, is about $30. Catterton striking while the iron is hot on this one, and it’s to the detriment of shareholders. Six months down the road -- if not much sooner -- this is on track to be a broken IPO. Sustaining a $9-10bn valuation is a pipe dream. We think it's worth $6bn, nearly 50% higher than where Catterton bought it just two years ago.

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