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YB new stock pitches (Mon, Oct 6)
Hello!
I’ve just added 55 new pitches to the website.
As always, you can visit the website to see all of the stock pitches and search/filter them at https://www.joinyellowbrick.com (if you are a premium member, make sure to login so you get the most recent pitches).
Thanks for reading!
Connor (founder of Yellowbrick and CEO Watcher)
P.S. - if you want a condensed, links-only view of the stock pitches for faster browsing, you can find it at https://www.joinyellowbrick.com/links
YB PORTFOLIO
The YB Tracking Portfolio holds ~30 stocks that were pitched by the best performing investors out of the 2,000+ investors that Yellowbrick tracks. All new trades are shared with Premium subscribers in this email and Premium subs can see the current holdings here.

Started May 2024
HIGHLIGHTED PITCHES (FREE)
Author Returns
The below stock pitch is from Favona Hathaway.
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BLOG POST - Favona Hathaway
In Defence of Norbert Lou’s Crocs Bet
Crocs, Inc., together with its subsidiaries, designs, develops, manufactures, markets, distributes, and sells casual lifestyle footwear and accessories for men, women, and children under the Crocs and HEYDUDE Brands in the United States and internationally.
Ticker: CROX | Price: $82.40 | Price Target: $165 (+100%)
Market Cap: $4.55B | Timeframe: N/A
👟 Shoes | 📈 Bullish Idea
Crocs (CROX) is trading at an unusually cheap 4.7x P/E ratio after Q2 accounting write-downs created a misleading GAAP net loss of $492 million, driven by $430 million trademark impairment and $307 million goodwill impairment related to the HEYDUDE acquisition, while the company actually generated $244.7 million in adjusted net income and $974 million in adjusted profits over the last four quarters. The stock trades at a massive discount to peers despite superior 5-year average ROIC, gross margins, and EBIT margins, and could double if it reaches peer EV/EBIT multiples. Key catalysts include strong international growth of +18% (with China up +30%) offsetting U.S. weakness where North American revenue fell due to market saturation, a powerful direct-to-consumer model generating roughly 60% margins with half of sales through owned channels, loyal repeat customers who build collections and parents forced to repurchase as children's feet grow, and a $1 billion share buyback program with management repurchasing almost 2 million shares for $200 million in H1 2025 while reducing debt by $105 million. The main risk is continued U.S. market weakness, though international markets now surpass North America in revenue for the first time, and the brand has demonstrated 23-year staying power since launching in 2002.
Read the full article here. Read time: 4 min
Share this stock pitch:
https://www.joinyellowbrick.com/sp/123595/?ref=PLACEHOLDER

Author Returns
The below stock pitch is from Clark Square Capital.
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BLOG POST - Clark Square Capital
LUXE: A Billion-Dollar Luxury Platform Hiding in Plain Sight
LuxExperience B.V., through its subsidiary, operates an online shopping platform in Germany, the United States, rest of Europe, and internationally.
Ticker: LUXE | Price: $7.87 | Price Target: $18 (+129%)
Market Cap: $665M | Timeframe: N/A
🛍️ Online Shopping Platform | 📈 Bullish Idea
LuxExperience B.V. (LUXE) trades at $7.70 per share with 150 million shares fully diluted, creating a market cap of $1.115 billion USD (EUR 980 million), and after accounting for EUR 600 million in cash and an estimated EUR 300 million in restructuring costs and cash burn for the off-price business (reduced from EUR 400 million due to expected proceeds from shutting down Outnet and selling Yoox), the company has an enterprise value of EUR 680 million. The investment thesis centers on Mytheresa alone generating EUR 1 billion in sales with 6% EBITDA margins (EUR 60 million EBITDA), making the current valuation equivalent to 11x Mytheresa's EBITDA, while management targets 7-9% margins for Mytheresa in 2-3 years. Additionally, Net-a-Porter/Mr. Porter contributes another EUR 1 billion in sales, and management believes both businesses can achieve 8% margins within a couple of years through right-sizing SG&A expenses (which are 800 basis points higher than Mytheresa as a percentage of revenue) and capturing synergies in advertising, shipping, and management. The combined businesses are projected to reach EUR 2.4 billion in sales at 8% margins (EUR 200 million EBITDA) within three years, which at a conservative 10x multiple plus EUR 300 million cash equals EUR 2.3 billion or $2.7 billion USD, translating to an $18 per share price target compared to the current sub-$8 price, with a discounted present value of $12 per share assuming a 20% discount rate, while near-term catalysts include the wealth effect driving luxury purchase acceleration.
Read the full article here. Read time: 2 min
Share this stock pitch:
https://www.joinyellowbrick.com/sp/123596/?ref=PLACEHOLDER

Author Returns
The below stock pitch is from Jim Snow.
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VALUE INVESTORS CLUB - Jim Snow
HelloFresh SE - $HFG.DE
HelloFresh SE, together with its subsidiaries, operates as meal kit provider for home industry.
Ticker: HFG.DE | Price: EUR 7.33 | Price Target: EUR 20 (+170%)
Market Cap: EUR 1.22B | Timeframe: N/A
🍔 Meal Kit Provider | 📈 Bullish Idea
HelloFresh SE (HFG.DE), a meal kit and ready-to-eat meal company, is trading at 3x 2025 EV/EBITDA and 8x 2025 FCF after a strategic pivot from growth-at-all-costs to profitability following pandemic-era over-extension and promotional missteps that attracted unprofitable 'coupon clippers.' The company operates meal kits in 18 countries (70% of sales, nearly all profits) and Factor ready-to-eat meals, with the US representing 50% of the meal kit business where HelloFresh now holds 65% market share versus weakened competitors Blue Apron and Home Chef. Key catalysts include the shedding of discount-dependent customers to improve LTV vs CAC ratios, meal kit margins recovering from the pullback in promotional spending since summer 2024, Factor operational issues (food safety compliance, cook times) being resolved with menu expansion from 40 to 100 meals, and aggressive share buybacks of €175 million annually (15% of market cap). Bull cases center on the business achieving breakeven in 2019 pre-pandemic indicating sustainable profitability with quality customers, improved competitive positioning in the US, and €300 million in planned cost cuts with €150 million already implemented. Bear cases include ongoing revenue declines (-14% YoY for meal kits, -1% for Factor), uncertainty around when revenues will stabilize (estimated mid-2026), potential margin compression as the business reinvests in marketing for stabilization, and competition from Cook Unity in ready-to-eat meals. The base case price target of €20 per share (3x upside) assumes 15x 2026 FCF of approximately €220 million, with meaningful downside protection from compressed current multiples and €250 million net cash position.
Read the full article here. Read time: 14 min
Share this stock pitch:
https://www.joinyellowbrick.com/sp/123573/?ref=PLACEHOLDER

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THE REST OF THE PITCHES
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Connor
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