bullish
Step One Holdings Ltd - Underwear Under Valued
SUMMARY
- Step One Clothing (ASX:STP) is a Direct to Consumer (DTC), 100%-own-brand underwear retailer specialising in anti-chafe bamboo underwear across men’s and women’s wear.,
- A H1 FY23 sales decline of 5.7% was better than our industry average estimate of -19%, while EBITDA was in-line with the pcp, the highest of any industry peer.
- On our estimates this superior business model currently trades at a PER of 1.0x ex-cash. Inventory is the key risk, currently representing ~two years’ sales, but is low fashion risk.leared.
Begin exploring Smartkarma's AI-augmented investing intelligence platform with a complimentary Preview Pass to:
- Unlock research summaries
- Follow top, independent analysts
- Receive personalised alerts
- Access Analytics, Events and more
Join 55,000+ investors, including top global asset managers overseeing $13+ trillion.
Upgrade later to our paid plans for full-access.
or
Already have an account? Sign In Now
Discussions
(Paid Plans Only)
Research as a Service (RaaS)
Insightful Financial Models and Research Analysis
Price Chart(Sign Up to Access)
- Step One Holdings Ltd - Underwear Under Valued07 Apr 2023
- Shekel Brainweigh Ltd - Sale of Healthweigh Offers Further Valuation Support23 Nov 2022
- Best & Less Group Holdings Ltd - Value Proposition Shining Through09 Sep 2022
x