Westwing: Founder-Led, Well-Run Online Retailer of Home Furnishings

Brad Hathaway of Far View Capital Management presented his investment thesis on Westwing (Germany: WEW) at European Investing Summit 2021.

Thesis summary:

Westwing is a European direct-to-consumer home furnishings retailer. WEW currently has a small share of a very large TAM that is just beginning the shift from offline to online.

Due to a content-led marketing strategy, WEW enjoys large organic traffic share, significant weekly customer engagement, high revenue retention, and attractive cohort economics, which should allow the company to grow rapidly at good margins. The company is led by its co-founders who are focused on long-term value creation.

The stock is mispriced as a result of investor concerns about near-term comps while the company laps strong COVID performance as well as current global supply chain issues. However, Brad believes these near-term concerns provide the opportunity to purchase a business with the potential for significant long-term value creation. The downside should be protected by a large net cash position, sticky customer base, and material near-term cash flow.

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About the instructor:

Brad Hathaway is the Managing Partner of Far View Capital Management, an investment firm based in Aspen, Colorado. Before founding Far View Capital Management in 2011, Mr. Hathaway worked for four years at J. Goldman & Company, a New York City-based hedge fund. At J. Goldman, Mr. Hathaway worked as an analyst and a portfolio manager on the firm’s value team. His role there included sourcing and analyzing investment opportunities and managing a portfolio of global securities from multiple asset classes with a focus on US publicly-traded equities. Prior to J. Goldman, Mr. Hathaway worked for three years as an analyst at Tocqueville Asset Management where he discovered and researched global long and short equity investments for the International Value mutual fund and the Global Partners hedge fund. Mr. Hathaway graduated with a B.A. in Political Science from Yale University.

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