Added to YB: 2026-06-02
Pitch date: 2026-06-02
WALD [bullish]
Waldencast plc
Author Info
Clark Square Capital is a former equity analyst and now a full-time investor managing their own capital. Sign up for their newsletter
Company Info
Waldencast plc operates in the beauty and wellness industry in the United States, Canada, Europe, the Middle East, India, Australia, and New Zealand.
Market Cap
$159.6M
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
-159.67
P/E
-0.67
EV/Sales
1.16
Sector
Personal Care Products
Category
special_situation
QP 26: An attractive remainco opportunity
WALD (new position): Selling Obagi for up to $460M EV (~2.9x sales) nearly covers entire $410M EV; repaying $178M term loan leaves ~$180M cash + $30M notes = $1.60/sh NAV vs $1.83 close (~13% downside). Remainco Milk Makeup ($110M rev, $15M EBITDA) likely dressed for sale; at 1.5x sales = ~60% upside. Overhangs (SPAC, SEC probe, leverage) cleared. Risks: capital allocation, MM DD intl declines, stranded costs.
Read full article (4 min)