Good Print; Stock Inexpensive with Upped Buyback as a Cushion

研报英文原文证据摘录

Good Print; Stock Inexpensive with Upped Buyback as a Cushion

The brand's more diversified 365 strategy product mix is working at driving more Shares Out (mil) 153.5

year-round sales, as spring/summer is now growing faster than fall/winter. At HOKA, Market Cap. (mil) US$15,752.2

US DTC improved sequentially, given increased awareness and further momentum from Total Assets ($mil) 1,424

the brand's membership program launched last August; both UGG and HOKA saw GM Avg Daily Vol (000) 1,988

expansion during the quarter, despite tariff pressure. Book Value/Share US$26.70

Price/Book 384%

Net Cash Per Share US$6.07

• F1Q26 dynamics. HOKA revenues are expected at up HSD (vs. the Street at 10%) due Debt to Total Capital 11.0%

to a pull-forward of shipments for the 3PL transition in Europe last year and a deliberate Div Yield 0.00%

reduction of shipments to Wholesale in preparation for the Clifton 11 launch in July, while Fiscal Year End Mar

UGG is expected up MSD; management remains confident in FY27 guide for HOKA up

LDD (US is expected to continue to grow MSD, with international at double-digits) and Price Performance - 1 Year

UGG up MSD. GM is expected to be down from tariff wraparound, with SG&A growing USD

10% (2x the consolidated guide of +5%), given accelerating marketing investments. 130

• Raise est. For FY27/28, we model EPS at $7.45/$8.10, which is based on EBIT margins 110

in the low 20's (22.1%/22.2%). DECK bought back 10.5M shares in FY26 (for $1.075B) 100

and plans to buy back at least 80% of FY27 FCF (we model $1.2B), which should be

another 9.5M shares. DECK is seeing pressure from higher freight and input costs--with 90

GM's guided for down ~120 bps encompassing the pressure (offset by tariffs at 10% 80

for the year). 70