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Strategies & Market Trends : Value Investing

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Sean Collett

To: Sean Collett who wrote (73820)	10/2/2023 10:53:36 PM
From: E_K_S	1 Recommendation of 78462

Good analysis. FCF positive is important but large debt can be an anchor around the company's neck. No position but I have seen similar value opportunities and have always focused on the FCF but made sure it is growing especially if they are slowly paying down debt. For me, I just do not like the sector (unless I can buy at reasonable PE's). I have been building positions in two retailers new to me; LEVI & KTB. I like their move to the DTC model and PE's are in my value zone. LEVI has low debt w/ Debt/Equity at 0.57x vs KTB at 2.7x. As always, positions are small. FWIW made a small add today to KTB. Still looking for KTB to break below $40 so I can double up on the position. LEVI still trying to get back to FCF positive w/ 3 quarters in the negative but past 4 years positive FCF. I will give them a pass as they move to DTC (they had some inventory issues last 2 quarters). Analysts see growing earrings through 2024.

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