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  • Points International: New Partners, Solid Business Model, And Compelling Share Price
       • Wed, Oct. 1 PCOM Comment!

    Summary

    • Points International's business model remains solid as the company scales its operations with the addition of significant new partners in 2014.
    • Points International grew revenue at a scintillating 68 rate YoY in the first half of 2014.
    • Strong free cash flow at the end of FY 2013 demonstrates the cash flow generating power of Points International during the important Q4 holiday season.
    • DCF Valuation Model indicates a potential 123 percent gain from current share prices.
    • Shares rose 34 percent in around 3 months after publication of our last Points International report in November 2013 and are now priced at compelling levels.
  • Inter Parfums: Near-Term Catalysts, New Brand Launches, And Underpriced Shares
       • Wed, Oct. 1 IPAR 1 Comment

    Summary

    • Shares currently underpriced as a result of confusion over headline comps from Q1 and Q2 Burberry transition in 2013.
    • Fundamentals of the company are excellent and two valuation models estimate Inter Parfums shares are potentially worth 2X their current market price.
    • New brands and products from the company's most successful franchises are set to increase revenue for Q3 2014 through FY 2015.
    • Cost structure has leverage to add $50 million to $150 million of incremental net sales without any increase in G&A expenses.
    • High probability of new brand license being announced in Q4 2014.
  • Nautilus: Robust Early-Stage Cash Growth, New Products, And Secular Trends Fuel Strong Gains
       • Wed, Jul. 2 NLS 5 Comments

    Summary

    • Nautilus is in the early stages of a strong growth cycle after restructuring its business after the financial crisis.
    • Several new product launches and the success of its new MAX Trainer device in early 2014 have the potential to accelerate the growth trajectory.
    • Fear about this stock hangs over investor sentiment as memories of its epic decline leading up to the financial crisis linger after its turnaround.
    • Strong free cash flow indicates an estimated valuation 76 percent higher than current share prices.
    • Macro tailwinds provide Nautilus with fertile target markets for its products for years to come.
  • Lands' End: Growth Strategies, Free Cash Flow, And Short Interest Driving Shares Higher
       • Fri, Jun. 20 LE 10 Comments

    Summary

    • Lands' End shares distributed in a spin-off to investors in April 2014 after 12 years in deep freeze as a subsidiary of Sears.
    • Lands' End is currently pursuing compelling growth strategies now that it has independent access to capital and credit markets.
    • After 12 years as a subsidiary of a domestic retail operation, Lands' End can now pursue international opportunities for overseas distribution in previously untapped markets such as China.
    • Strong free cash flow offers the potential for shares to gain 72 percent in the next 36 months.
    • Shocking 85 percent of the estimated effective free float shares are held in short positions.
  • Sears Holdings' Valuation Part 4: SRe Holding, Sears Re, And REMIC Early 2014 Update
    Editors' Pick • Fri, Mar. 21 SHLD 278 Comments

    Summary

    • Update on significant developments revealed in Sears Holdings' 2013 10-K.
    • SRe Holding Corporation created by Sears Holdings in Q4 2013.
    • Mortgage-backed securities containing the 125 most valuable full-line Sears stores distributed to SRe Holding Corporation.
    • Sears Reinsurance reduced "excess statutory capital" in REMIC by distributing CMBS to SRe Holding Corporation.
    • With cash balances the highest in three years, Sears Holdings also sold 5 stores for $98 million in 2013.
  • Sears Hometown And Outlet Stores: Growing Channel In The Sears Holdings Ecosystem
       • Fri, Mar. 14 SHOS 22 Comments

    Summary

    • Sears Hometown and Outlet Stores is primarily a distribution channel for brands of Sears Holdings.
    • SHOS business model as it relates to Sears Holdings exhibits striking similarities to that of Yum Brands and PepsiCo, Inc.
    • Sears Hometown and Outlet Stores is a component within a larger inter-dependent system of assets in Eddie Lampert's portfolio.
    • SHOS is best evaluated on the basis of its value to the Sears Holdings ecosystem.
  • Sears Holdings' Valuation Part Three: Multiple Valuations And Short Interest Fuel Volatility
       • Tue, Mar. 11 SHLD 116 Comments

    Summary

    • Bishop Research and Analytics' third report on Sears Holdings focuses on actionable analysis and factors that drive volatility of the share price.
    • March 2014 is the nine year anniversary of the formation of Sears Holdings by merging Kmart Holdings and Sears, Roebuck & Co. in March 2005.
    • Eddie Lampert and his hedge fund ESL Investments have raised substantial funds in the last two months.
    • Short Interest is currently over the 60 percent threshold that has proven to lead to epic rallies in SHLD shares every time that level is crossed.
    • 2014 might be a tipping point for Sears Holdings and finally enable the views of the long thesis and the bear case to converge as market dynamics change.
  • Mason Graphite: Graphene Revolution, Lithium-Ion Battery Growth, And China Supply Woes Offer A Compelling Opportunity
       • Dec. 28, 2013 MGPHF 71 Comments
  • Sears Holdings' Valuation Part Two: Credit Flows For Subsidiaries Inside A Permanently Embedded Capital Structure
       • Dec. 16, 2013 SHLD 60 Comments
  • Points International: Phenomenal Growth, Strong Cash Flow, And Potential Takeover Target
       • Nov. 19, 2013 PCOM 6 Comments
  • CBOE Holdings: Strong Growth, Large Moat, And A Call Option On Volatility
       • Oct. 15, 2013 CBOE 5 Comments
  • Signet Jewelers: Outlet Malls, Ultra Acquisition, And Macro Tailwinds Fuel Extraordinary Growth
       • Sep. 17, 2013 SIG 2 Comments
  • Inter Parfums: Opportunities With Cash, New Brands, And High Growth
       • Aug. 16, 2013 IPAR 2 Comments
  • Discover Financial Services: Set For Growth With New Strategies And Network Partnerships
       • Jul. 20, 2013 DFS 22 Comments
  • Sears Holdings' Valuation: Between Berkshire Hathaway And Bankruptcy
    Editors' Pick • Jun. 18, 2013 SHLD 515 Comments
  • Why The Fed May Increase QE Asset Purchases Before Pursuing Exit Strategies
    May. 17, 2013 BA, COP, DIA 26 Comments