European & US short ideas
Since Vision pitched their short thesis on Vidrala, Verallia and O-I Glass at our Equity Shorting Conference in mid-Mar the stocks have underperformed the Stoxx600 by ~8%. In the last couple of months they have also initiated 3 new European shorts, 3 new US shorts, and has readied a new $7bn+ European short (trades ~$20m/day and has short interest of <1%) for initiation next week. Please join Vision for a meeting while members of their team are in Paris (Jun 5th-6th), Zurich (Jun 7th) and London (Jun 8th-12th).
In the last 24 months, Vision has closed several shorts including: Allegro, AutoStore, Boohoo, Burlington, Colruyt, De'Longhi, Electrolux, Gerresheimer, H&M, Hargreaves Lansdown, Inditex, New Relic, Nokian Tyres, Peloton, Similarweb, Thule, Trex, TSMC, UiPath and Whirlpool.
Edition: 161
- 26 May, 2023
A new $3bn+ M/Cap European industrial short
Industrials
Trades >$10m/day and has <1% short interest - will be lapping price increases at a time when volumes have turned negative and there are substitution threats and declining per capita usage of products at some of its largest customers. It trades >10x EV/EBITDA on 2023 estimates that call for 40% growth in EBITDA.
In the last 24 months, Vision has closed several shorts including: Allegro, Boohoo, Colruyt, H&M, Inditex, New Relic, Nokian Tyres, Peloton, Similarweb, Thule, Trex, TSMC and UiPath.
Edition: 154
- 17 February, 2023
3 new Consumer short ideas
Vision has issued 3 new consumer shorts in the past 3 weeks, 2 being European and 1 US. The most recent European short has a market cap >$3bn, trades >$25m/day and SI% <10%. The company has experienced market share losses and is seeing new entrants from Asia, potentially over-earned during the pandemic, has bullish estimates, and channel inventories that look bloated. European short ideas Vision has closed over recent months include Allegro (55% alpha), Colruyt (40%), Thule Group (>30%) and Nokian Tyres (>20%).
Edition: 142
- 19 August, 2022