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.

The full session is available exclusively to members of MOI Global.

Members, log in below to access the full session.

Not a member?

Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

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.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.