March 1, 20240Comments

IPO Report: Return of the Junk Stock IPO

This business model is inescapably built on a catch-22 that will likely keep the company from ever turning a profit.

by Kyle Guske II, Senior Investment Analyst, MBA

September 25, 20230Comments

IPO Report: Niche Product, Massive Valuation

This apparel company is priced for perfection before it even begins trading.

by Hakan Salt, Associate Investment Analyst

September 14, 20230Comments

IPO Report: Likely Unsustainable Profits and an Expensive Valuation

This stock looks more than fully valued, and we think investors should pass on this IPO.

by Kyle Guske II, Senior Investment Analyst, MBA

September 8, 20230Comments

IPO Report: Don’t Bail Out this Private Equity Giant

SoftBank doubled the “on-paper” valuation by buying shares from itself, just as it did before the WeWork IPO.

by Kyle Guske II, Senior Investment Analyst, MBA

June 12, 20230Comments

CAVA IPO Gets More Ridiculous

It appears investors did not heed our advice; so we are reiterating our warning with details from our reverse DCF model on just how overvalued this IPO is.

by Kyle Guske II, Senior Investment Analyst, MBA

May 25, 20230Comments

Don’t Bailout This IPO ‘CAVAstrophe’

Not only is the business running out of a cheaper source of store expansions, but it is also running out of capital to sustain its business.

by Kyle Guske II, Senior Investment Analyst, MBA

May 3, 20230Comments

Kenvue IPO: Profitable Company, Expensive Stock

At its expected valuation, KVUE looks fully valued and does not provide investors with much upside potential

by Kyle Guske II, Senior Investment Analyst, MBA

October 25, 20220Comments

No Automated Profits in Mobileye’s IPO

Given increased competition, a history of unprofitability, and an undifferentiated product offering, there are no automated profits in this IPO.

by Matt Shuler, Investment Analyst II

December 17, 20210Comments

Chobani’s Low Growth Business is Priced for Hyper Growth

We think Chobani is worth closer to $2.1 billion given that Greek yogurt is no longer a disruptive high-growth product.

by Kyle Guske II, Senior Investment Analyst, MBA

November 15, 20210Comments

Sweetgreen: Healthy Product but Unhealthy IPO

We think the stock is likely worth $0 given the intense competition from other new entrants and established restaurants, which are easily replicating Sweetgreen’s menu and concept.

by Matt Shuler, Investment Analyst II

November 3, 20210Comments

Even At a Lowered Valuation, Don’t Buy Rivian’s IPO

We are skeptical that Rivian’s IPO will deliver for investors, even with the lower valuation. Investors shouldn’t buy a stock just because it’s in a hot sector.

by Kyle Guske II, Senior Investment Analyst, MBA

October 22, 20210Comments

Rivian: This IPO Won’t Deliver

We think this stock could be worth as little as $13 billion and the expectations implied in its valuation are unreasonable.

by Alex Sword

October 8, 20210Comments

GitLab: Another Overpriced Tech Company

We think this stock could be worth less than $1 billion and that its freemium strategy may never be profitable.

by Alex Sword

September 23, 20210Comments

Warby Parker’s Direct Listing Still Overvalued After Updated Revenue Guidance

Even with more transparency into expected growth rates, this direct listing is still overvalued.

by Alex Sword

September 23, 20210Comments

Authentic Brands: Reasonable Valuation Offers Upside

Authentic Brands will be the first IPO we’ve analyzed since Figs that has a reasonable valuation.

by Alex Sword

September 23, 20211Comments

Allbirds Is Already Overvalued at Expected IPO Valuation

We do not think investors should expect to make any money in Allbird’s stock if the rumored $2 billion valuation comes true.

by Matt Shuler, Investment Analyst II

September 8, 20210Comments

Warby Parker Direct Listing: See Through This Optical Illusion

While we like Warby Parker’s business model, we find the $3 billion valuation much too high for investors to expect a profit from investing in this listing.

by Alex Sword