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Hibbett: Short-Term Headwinds Offer A Good Entry Price

May 03, 2022 8:53 AM ETHibbett, Inc. (HIBB)4 Comments
Ricardo Naya profile picture
Ricardo Naya


  • The main strategy of Hibbett has the ingredients for fighting its main challenges: DTC trends in its big key vendors and eCommerce.
  • The market price has plunged in the last months but the worst scenario might be already discounted.
  • At the current price, and even being more conservative than the management, Hibbett could achieve a 46% CAGR in the next three years.

Outdoor shop



Hibbett's (NASDAQ:HIBB) market price has experienced a big sell-off in the last months due mainly to poorer results with respect to last year's figures. In the long term, the main challenges it faces are the trend

This article was written by

Ricardo Naya profile picture
MBA Industrial Enginer with +20 years of background in Management Consultancy in the area of Process Improvement and ERPs Implementation, mainly in the Operations area. Private investor since 2000 adding to my background knowledge, Value Investing and Strategy disciplines. Currently, full time managing my personal portfolio and sometimes writing. Avid reader and curious, eager of further learning and sharing.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of HIBB either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (4)

Great article! One thing I would add is the continued buyback activity. Based on the recent Proxy statement, they have reduced the share count to 12,972,162. This equates to a ~467K shares repurchased in Q12023 through April 7th, 2022. That equates to 3.476% of the shares outstanding at the end of FY2022.

Compare that to DKS, where a few analysts expect $450MM of buybacks for this full year or ~5.625% of their market cap. Which means if HIBB kept up the pace in Q12023, they would almost hit the same % reduction in the first 3 months of the fiscal year.

Share Count
January 29th, 2022: ~13,439,364
March 22nd, 2022: 13,139,364
April 7th, 2022: 12,972,162 (~467,202 reduction)

From the 10-K

"Subsequent to January 29, 2022, we repurchased 0.3 million shares of our common stock as of March 22, 2022 at a cost of $12.6 million, including 8,277 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $0.4 million."

"The number of shares outstanding of the Registrant’s common stock, as of March 22, 2022, was 13,139,364."

From the Proxy

"Percent of class is based on 12,972,162 shares of Company common stock outstanding at April 7, 2022."
Ricardo Naya profile picture
@DCF All Day Thank you. Yes, good point. And as more time the price stays at these levels more shares they will be able to buy.
Thanks for the article on this company. I do own a small chunk of it as I love their balance sheet and the strategic placement of their stores. I do recall reading that Nike is going to continue to use them as a preferred provider because of their small-town strategy serving so-called underserved markets. In any event, I think three years from now I will average at least 20% per year and probably. I just cannot sell this one although I’ve tried to.
Ricardo Naya profile picture
@benet1800 Thank you for your comment. Good news that Nike appreciates their strategy. It is difficult to know where is going to go in the next months, but in the long term I think it will go up.
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