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If you are optimistic that the US consumer will continue to recover as confidence returns, here is a specialty retailer to keep in mind: Cabela's Inc. (CAB). The US outfitter has beaten analyst estimates in each of the last four quarters, and with its second-quarter earnings report on the horizon and currently low price multiples, the stock may have its next opportunity to move higher.

Cabela's is a specialty retailer of outdoor recreation merchandise including hunting, fishing and camping gear. The company was founded in 1961 and is the world's largest direct marketer of outdoor equipment, having launched its first catalog in 1963. Today, Cabela's has 37 store locations in the US and Canada, with revenue in 2011 exceeding the company's current market value of $2.71B.

Sales trends for the company are rather strong, with steadily increasing revenue and decreasing inventory. Revenue grew by 6.27% during the most recent quarter ($623.5M vs. $586.71M y/y). Inventory fell by 4.15% during the same time period ($539.41M vs. $562.78M y/y). Inventory, as a percentage of current assets, decreased from 16.39% to 14.08% during the most recent quarter (comparing 13 weeks ending 2012-03-31 to 13 weeks ending 2011-04-02).

On the other hand, the company's amount of credit outstanding has increased over the last year, which is often a negative sign. Accounts receivable grew by 16.03% during the same time period ($2,974.18M vs. $2,563.19M y/y). Receivables, as a percentage of current assets, increased from 74.63% to 77.62% during the most recent quarter (comparing 13 weeks ending 2012-03-31 to 13 weeks ending 2011-04-02).

CAB's balance sheet is another area of encouragement. The company is sitting on a large pile of cash and liquid assets at the moment. MRQ cash is above $157 million, with current ratio at 4.08 and quick ratio at 3.51.

Market sentiment is decidedly positive for CAB. The stock is rallying above its 20-day, 50-day, and 200-day moving averages. CAB is trading within 6% of its 52-week high, and the stock is up over 51% YTD.

Despite its strong price appreciation, most price multiples for CAB still indicate that the stock has more value to price in. P/FCF is at 12.36. TTM P/E is at 17.73 vs. 18.2 for the industry average. TTM P/S is at 0.94 vs. 1.18 for the industry average. PEG is at 1.17.

On July 26, Cabela's is reporting its second quarter earnings results, which may be an opportunity for more upward price action. The company has reported positive earnings surprises for each of the last four quarters, with an average surprise of 15.1%. The current EPS estimate for the second quarter is at $0.39.

Do you think Cabela's has more value than the market is currently pricing in? Will its next earnings report be an opportunity for investors to see its true worth?

For an interactive version of this chart, click on the image below. Analyst rating data sourced from Zacks Investment Research.

Tool provided by Kapitall (kapitall.com).

*Written by Alexander Crawford. Price multiple data sourced from Fidelity, EPS data sourced from Yahoo! Finance, accounting data sourced from Google Finance.

Source: Earnings Season: Will Cabela's Surprise Analysts Yet Again?