mule Profile picture
doing stuff
Sunyan Lee Profile picture Stephen Leung Profile picture 2 subscribed
Apr 3, 2023 8 tweets 3 min read
Here's my long thesis on Aritzia (ATZ:CN)

It's an iconic Vancouver brand coming to the US, and it's already 50/50 US / Canada. As they expand in the US, margins should go up and revenue should continue to grow in high teens. At today's price of ~20x earnings its a 2x 1/n My bullet points are simple:

I estimate a ~17% rev cagr, driven by ~8-10% sqft expansion and 8-10% store comp

the store comp portion is below their historical SSS Comps - super impressive.

EBITDA margins are at 19%, which is effectively flat today given covid boom 2/n
Apr 1, 2023 4 tweets 2 min read
AI is probably the next big wave. The internet was a big wave, and I think one of the cooler things is to watch the new rich.

It’s the tiktok stars, the content creators, big tech.

The next wave will be different. Sea changes make for huge opportunities, and it’s time to ride… twitter.com/i/web/status/1… It’s more likely we enter a 2000 era bubble than it profoundly impact our lives quite yet. I don’t think radio on the internet is going to really work out or be the way to capitalize on it for the average person.

Everyone gets NVDA, most get semis