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Strategies & Market Trends : Buffettology

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To: James Clarke who wrote (2580)	7/7/2000 10:11:44 AM
From: hoyasaxa	Read Replies (3) of 4691

ANF -- Not a no-brainer. Fashion is an entirely different entity -- multiple and dcf arguments weaker. First, ANF shouldn't get a GAP-like multiple. ANF does not have the brand Gap does. Gap's is higher than Polo because it has brand and growth. I don't see ANF developing a brand nor maintaining or accelerating growth. I don't see the the soccer moms/dads, the 8 year old kids etc.. I think because it's hard to say at this juncture if ANF could evolve into the above type "boxes", I think DCF will not prove reliable. JMHO. Good luck. By the way -- you actually like their clothes Jim? Also -- have you analyzed their real estate (lease vs. own, etc)? Thanks.

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