LPP (LPP PW) Poland

Consumer Discretionary

Vision Research

Last week, Robert Prather pitched LPP as Vision's short idea at IRF’s latest Equity Shorting Conference. Key points include: 1) Loss of Russian growth opportunity (LPP’s fastest growing market). 2) Poland saturation. 3) Trouble growing in Western Europe (more expensive / increased competition). 4) Weak same store sales. 5) Management overpromising / underdelivering. 6) Quality of earnings issues. Robert’s presentation also includes commentary on the recent activist short report and management’s subsequent response.

- 05 April, 2024