Carter’s: Children’s Apparel Maker at Modest Valuation

Stephen Dodson of Bretton Fund presented his in-depth investment thesis on Carter’s (US: CRI) at Best Ideas 2019.

Thesis Summary:

Carter’s is the largest children’s apparel maker in the U.S. Founded 150+ years ago, the company has consistently and steadily grown, establishing a dominant position in baby clothes, counting 80% of new families as customers. Recently hurt by the closings of Toys R Us and Bon-Ton, the brand remains strong and customers will find other ways to buy Carter’s goods.

Trading at ~12x earnings (the lowest multiple since 2010), Stephen believes this consistent grower is a bargain.

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About the instructor:

Stephen Dodson founded the Bretton Fund in 2010 and serves as its president and portfolio manager. Prior to founding Bretton, Stephen was with Parnassus Investments, a San Francisco–based investment manager. Stephen was with Parnassus from 2002 to 2008 and served in a number of areas within the firm, including portfolio manager and president. In 2008, Institutional Investor News named him one of the 20 Rising Stars of Mutual Funds. Prior to Parnassus, he worked for the venture capital group of Advent International, a private equity firm, and was an investment banker for Morgan Stanley in New York and Menlo Park. He holds a BS in business administration from the University of California, Berkeley.