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 rating and $41 price target for Build-a-Bear, slightly raising our FY24 EPS and rolling out FY25 projections after the company reported basically in-line 4QFY23 (January) results and initiated a quarterly dividend program, with an initial quarterly payout of $0.20 per share.</li><li>We believe Build-A-Bear remains highly focused on shareholder value and the company is poised to register solid returns and upside as their experiential offerings continue to expand and resonate with their growing customer base; further, with net cash per share of over $3.10 (and no debt), a dividend yield of 2.7% and trading under 4.5X our FY25 EBITDA, we view the risk/reward in BBW as compelling, and we reiterate our Buy raring and $41 price target.</li></ul>

We are reiterating our Buy rating and $41 price target for Build-a-Bear, slightly raising our FY24 EPS and rolling out FY25 projections after the company reported basically in-line 4QFY23 (January) results and initiated a quarterly dividend program, with an initial quarterly payout of $0.20 per share.We believe Build-A-Bear remains highly focused on shareholder value and the company is poised to register solid returns and upside as their experiential offerings continue to expand and resonate with their growing customer base; further, with net cash per share of over $3.10 (and no debt), a dividend yield of 2.7% and trading under 4.5X our FY25 EBITDA, we view the risk/reward in BBW as compelling, and we reiterate our Buy raring and $41 price target.

BBW: 4Q Review: Adding Value; Initiates Q Dividend; Reiterate Buy, $41 PT

Build A Bear Workshop

BBW: 4Q Review: Adding Value; Initiates Q Dividend; Reiterate Buy, $41 PT