10x Free Cash Flow

Dec 01, 2024

∙ Paid

This high-end watch retailer occupies a dominant position in the UK luxury watch market, accounting for over 50% of UK Rolex sales, as well as partnerships with 120+ premium brands.
After a 45% share price collapse driven by luxury spending fears, multiple catalysts are emerging, including accelerating U.S. expansion, and rapid growth in the certified pre-owned market.
Despite a history of execution, the company trades at a modest 10x FCF and 9x forward EBITDA - offering 30% upside through continued expansion, margin improvement, and strategic acquisitions.

Overlooked Alpha