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, $41 price target and projections after visiting franchised stores in Milan, Italy.</li><li>With the company ramping up penetration with commercial partners and international franchisees, we believe it will be increasingly important for investors to understand and appreciate what we believe are the impressive economics of the franchised Build-A-Bear business.</li><li>Our Milan visits reiterated both the ability to recreate the experiential aspect of the Build-A-Bear operating model with partners and what we believe can be the lucrative nature of the business.</li></ul>

We are reiterating our Buy rating, $41 price target and projections after visiting franchised stores in Milan, Italy.With the company ramping up penetration with commercial partners and international franchisees, we believe it will be increasingly important for investors to understand and appreciate what we believe are the impressive economics of the franchised Build-A-Bear business.Our Milan visits reiterated both the ability to recreate the experiential aspect of the Build-A-Bear operating model with partners and what we believe can be the lucrative nature of the business.

BBW: Snapping the Store - Milan Edition - Looking at Expansion, Reiterate Buy

Build A Bear Workshop

BBW: Snapping the Store - Milan Edition - Looking at Expansion, Reiterate Buy