Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity research on small cap consumer names.

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Equity Bottom-Up

<ul><li>We are reiterating our Buy recommendation, $41 price target and projections as we look at key trends for 2HFY24 and beyond for Build-A-Bear Workshop.</li><li>We believe, after the first YoY revenue decline in 13 quarters in 1QFY24, investors have become somewhat cautious on BBW, despite one of the best performing models in the specialty retail space, with strong cash flow generation, a unique and compelling shopping experience, low inventory levels, net cash of over $2.70 per share and a 3%+ dividend yield.</li><li>We believe there are multiple potential catalysts to reawaken investor interest in BBW and we reiterate our Buy rating and $41 price target.</li></ul>

We are reiterating our Buy recommendation, $41 price target and projections as we look at key trends for 2HFY24 and beyond for Build-A-Bear Workshop.We believe, after the first YoY revenue decline in 13 quarters in 1QFY24, investors have become somewhat cautious on BBW, despite one of the best performing models in the specialty retail space, with strong cash flow generation, a unique and compelling shopping experience, low inventory levels, net cash of over $2.70 per share and a 3%+ dividend yield.We believe there are multiple potential catalysts to reawaken investor interest in BBW and we reiterate our Buy rating and $41 price target.

BBW: 2H Signposts: Getting Back to Growth; Reiterate Buy, $41 Price Target

Build A Bear Workshop

BBW: 2H Signposts: Getting Back to Growth; Reiterate Buy, $41 Price Target