Boot Barn Holdings Inc: Attractive Opportunity to Buy

研报英文原文证据摘录

Boot Barn Holdings Inc: Attractive Opportunity to Buy

Global Research

30 July 2026ab

Boot Barn Holdings Inc Equities

AmericasAttractive Opportunity to Buy

Retailers, Apparel

12-month rating Buy *

Our price target is 80% above the current stock price:

Boot Barn is the dominant retailer in two niche and underserved categories - 12m price target US$272.00

westernwear and workwear. We believe BOOT is an underappreciated growth story and

see potential for BOOT to add 400 stores over the next 5 years and this should drive a

Price (29 Jul 2026) US$150.89

~13.5% EPS CAGR (FY26-FY31E). Plus, we believe BOOT will navigate ongoing tariff

environment uncertainty and cost inflation pressures from elevated oil prices better than RIC: BOOT.N BBG: BOOT US

many of its "mom & pop" rivals will. In our view, this could accelerate share gains for

Trading data and key metrics

BOOT and its exclusive brands. We believe Boot Barn's strong sales and EPS growth

52-wk range US$207.98-135.16

outlook justify a ~24x P/E. BOOT's 1Q27 EPS report reinforces our conviction in this view.

Market cap. US$4.62b

We see an attractive opportunity… Shares o/s 30.6m (COM)

Free float 100%

Our conversations with investors suggest the market is focused on BOOT’s recent same

store sales growth rate deceleration, to 0% in July from 5.4% in June. This is likely why Avg. daily volume ('000) 209

the stock is down 8% over the past month vs. the S&P 500’s -2% change. We believe Avg. daily value (m) US$33.6

this is transitory and note it is normal for BOOT comps to be volatile. For example: Common s/h equity (03/27E) US$1.55b

P/BV (03/27E) 2.9x

In an average BOOT year since 2023, its average monthly comp deviates from that Net debt to EBITDA (03/27E) NM

year’s average comp by ~300 bps.

EPS (UBS, diluted) (USD)