Special Sits Idea Forum
The majority of ideas presented at MYST's latest buyside event were industrial-related, with themes including potential takeouts, SOTP simplification stories and power-related names. Stocks highlighted include:
Aptiv (APTV) - “GoodCo vs. BadCo” split to unlock hidden value of Connection Systems business. TP $125 (45% upside).
Bed Bath & Beyond (BBBY) - unappreciated assets create “zero enterprise value” amid positive FCF inflection. TP $28 (180% upside).
DuPont de Nemours (DD) - re-rating tailwinds fuelled by fundamental and technical catalysts. TP $115 (45% upside).
Idaho Strategic Resources (IDR) - enormous upside from potential US government partnership / investment.
Peloton (PTON) - new product launches + subscription price increase to accelerate turnaround.
Ralliant (RAL) - ignored "broken spin” poised for positive revision cycle. TP $60 (35% upside).
Edition: 221
- 03 October, 2025
What’s trending in Retail
Consumer Discretionary
Each week, The Retail Tracker offers an insightful perspective on retail, fashion and consumer trends and what it means for the stocks. So far this year, Garage is a standout, nailing the “sexy x comfy” aesthetic for teens and taking share from Aerie and Pink. Gap and Old Navy are “crushing it” with consistently strong assortments, offsetting tariff challenges through fewer markdowns. Meanwhile, Urban Outfitters and Nuuly are gaining traction, with Nuuly emerging as a promising rental and tech-driven play. Aritzia is showing good momentum with its best assortment in some time. Department stores may be in free fall, but the best Macy’s stores have never looked better. In contrast, Lululemon is losing its way, expanding beyond its core and diluting its brand identity, while Bath & Body Works' range of new items is exhausting.
Edition: 214
- 27 June, 2025
Consumer Discretionary
Paragon Intel adds BBWI’s new CEO Daniel Heaf to their research pipeline. He earned his reputation as a digital builder, but his tenure at Nike was marked by inventory issues, cost cuts and a leadership shake-up that ultimately eliminated his role, while the stock underperformed the S&P 500 by ~40 percentage points. He now steps into a retailer that has cycled through 3 CEOs in 3 years and watched FY24 revenue slide 7% to $7.3bn, even as it courts a broader demographic appeal and eyes faster international growth. Paragon’s work will examine whether Heaf’s omnichannel playbook can reignite top-line momentum, widen margins and restore investor confidence, while also weighing governance stability and the risk that NKE-style missteps resurface as BBWI charts its next phase.
Edition: 212
- 30 May, 2025
Nordic Semiconductor (NOD NO) Norway
Technology
With Q4 results released earlier this month, Forensic Alpha claims the level of inventory now looks even more alarming than when they flagged concerns in Oct last year. Even as sales continue to decline, inventory is growing in absolute terms. DSI has increased from 216 days (Q3) to 287 days (Q4). At the current level of sales, this would take over 9 months to clear down. The recent change in CEO creates a risk that NOD will take a “big bath” on the accounts in the next few months - writing off inventory and / or recognising higher provisions for rebates.
Edition: 180
- 23 February, 2024
There are two lanes in retail winning right now - momentum and improvement
Consumer Discretionary
Brands with good momentum include Lululemon, Abercrombie, Chico’s, Steve Madden, LVMH, Prada, Ralph Lauren and Macy’s. According to The Retail Tracker, these retailers are entering the back half of the year with the consumer on their side and good assortments. In the improvement lane, they highlight Gap, Target, American Eagle, Bath & Body Works and Nike. They also like the risk:reward in two currently out of favour names - Williams-Sonoma (a high-quality company, with exceptional brands / leadership) and Victoria's Secret (left for dead / trades at a steep discount).
Edition: 166
- 04 August, 2023
Boot Barn (BOOT), Bath & Body Works (BBWI)
Consumer Discretionary
In their weekly report A Line uses a proprietary ranking system to build individual company performance history. Companies are graded A-C based on factors including product design, promotional activity and store feedback. Biggest movers last week:
BOOT - Grade B: scores 18/30, +3pts vs. previous week. Surprisingly strong Black Friday weekend and then managed to avoid the typical post-holiday lull. Seeing a lot of success with the relatively new men’s private label brand (Brother’s & Sons).
BBWI - Grade B: scores 15/30, -3pts. Missed sales over Black Friday weekend and Candle Day. The stores have been refusing shipments because they didn’t sell enough and cannot fit anything else on the floors.
Edition: 150
- 09 December, 2022
Around the Stores: Providing weekly insights into merchandising, promotions and sales trends…
Consumer Discretionary
Bed Bath & Beyond (BBBY) - Lacked inventory, energy, and sales help. Heard story after story about disappointed college shoppers.
Torrid Holdings (CURV) - Very under the radar. Website looks amazing with denim balanced with wear to work, dates and dresses.
Ralph Lauren (RL) - Very strong all around. Polo store looks outstanding and the Polo men’s assortments at Macy’s and Bloomingdale’s fantastic. Also found the Lauren sets in apparel and handbags in Macy's significantly improved.
Capri Holdings (CPRI) - Kors has some good new styles that break out of the logo story. Stores are cleaner promotionally than they have been. Versace was still very busy and is trending.
Edition: 144
- 16 September, 2022
Consumer Discretionary
Activist excitement to be short-lived this time around - Robert Sassoon deems it unlikely that a PE firm will pay a much better than MSD multiple price for BBBY which is where the shares are currently trading. Even assuming the BABY banner spin-off scenario valuing BABY at $1.5bn, Robert's SOTP comes out to no more than $27. Given the uncertainty over how impactful Ryan Cohen's intervention will be in the long-run as well as the continuing challenging environment affecting BBBY's core business, chasing the shares at these levels is fraught with risk and not justified by the potential upside.
Edition: 131
- 18 March, 2022
These retailers are primed for growth in 2022
Consumer Discretionary
Consumer stocks are climbing the wall of worry reflecting supply chain challenges, higher distribution expense, rising prices and tough comps. Hence, there is limited visibility on the consumer sector delivering yoy F22 earnings gains. JJK highlight a select few who are well positioned for growth, including the value focused off-price retailers (TJX, Burlington, Ross) and beauty leaders (Bath & Body Works, Estee Lauder, Ulta). Upgraded growth strategies and Europe’s emerging rebound should also drive strong upside at A&F, Capri Holdings, Lululemon, PVH, Ralph Lauren and Victoria’s Secret.
Edition: 120
- 01 October, 2021