Added to YB: 2024-07-03
Pitch date: 2024-07-01
FND [bearish]
Floor & Decor Holdings, Inc.
+35.06%
current return
Author Info
Spruce Point Capital Management is an activist investment manager specializing in forensic short-selling. Sign up for the newsletter.
Company Info
Floor & Decor Holdings, Inc., together with its subsidiaries, operates as a multi-channel specialty retailer of hard surface flooring and related accessories, and commercial surfaces seller in the United States.
Market Cap
$7.0B
Pitch Price
$94.18
Price Target
5.75 (-91%)
Dividend
N/A
EV/EBITDA
10.41
P/E
32.33
EV/Sales
1.88
Sector
Specialty Retail
Category
turnaround
Spruce Point Capital Management Issues 'Strong Sell' Research Opinion On Floor & Decor Holdings, Inc. (NYSE: FND) With 40%-60% Downside Risk
FND: Large store format struggling as growth slows to 16%. Underspent capex by $330M since 2016. New stores in lower income areas, costs ballooning. Disclosure changes, accounting policy shifts raise concerns. Insiders selling. Trades 2.9x/36x 2024E rev/EBITDA. 40-60% downside risk. $5.75 PT based on peer multiples & hidden liabilities.
Read full article (7 min)