Boot Barn Holdings Inc "Management Meeting: High Conviction in BOOT's..."

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Boot Barn Holdings Inc "Management Meeting: High Conviction in BOOT's..."

Global Research

28 May 2026ab

Boot Barn Holdings Inc Equities

AmericasManagement Meeting: High Conviction in

BOOT's Growth Opportunity; Buy Retailers, Apparel

12-month rating Buy *

12m price target US$272.00Our price target is 64% above the current stock price:

Boot Barn is the dominant retailer in two niche and underserved categories -

westernwear and workwear. We believe BOOT is an underappreciated growth story and Price (27 May 2026) US$165.35

see potential for BOOT to add 400 stores over the next 5 yrs. and this should drive a RIC: BOOT.N BBG: BOOT US

~13.5% EPS CAGR (FY25-FY30E). Plus, we believe BOOT will navigate ongoing tariff

environment uncertainty and cost inflation pressures from elevated oil prices better than Trading data and key metrics

many of its "mom & pop" rivals will, which could accelerate share gains for BOOT and its 52-wk range US$207.98-135.16

exclusive brands, in our view. We believe BOOT's strong sales and EPS growth outlook Market cap. US$5.08b

justify a ~24x P/E. Our meetings with BOOT mgmt. reinforced our conviction in this view. Shares o/s 30.8m (COM)

Free float 100%

Top 12 questions from our meetings with BOOT management on 5/27: Avg. daily volume ('000) 196

1. What has driven the recent inflection in the work boot business? Mgmt. attributed Avg. daily value (m) US$31.1

the inflection to a combination of self-help and healthy demand. The biggest Common s/h equity (03/27E) US$1.53b

operational change was remerchandizing stores so work boots are organized by P/BV (03/27E) 3.2x

size rather than style, making the section easier to shop and less intimidating. Net debt to EBITDA (03/27E) NM

Better websites, stronger digital targeting through Meta, and good execution