Shares of Australian surf and boardsport retailer Billabong [(OTCPK:BLLAY)(OTCPK:BLLAF)] ("Billabong") have undergone severe value destruction since making all-time highs in 2007. After falling to all-time lows in June 2013 and sharply rebounding, shares drifted lower since my last narrative on the company until recently.
The Billabong story has been one of boardroom drama and a juicy private equity battle, meanwhile shares traded so low in June that brave investors were able to pick up shares of Billabong at a market cap of around $75 million. This, for an international retailer with a run rate of over $1.3 billion in sales annually.
Shares at that time (June 2013) were clearly too cheap,...
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