A different take on LuLu

=== SUMMARY === - Author argues Lululemon (LULU) is undervalued due to flattening North America sales from tariffs offset by 20% international growth, leading to ~10% overall revenue growth. - He believes the proxy fight is noise and expects international revenue to surpass North America by 2027, making this at least a 2-year hold. - Quality assessment: Reasoned opinion with some data (author links a Google Doc), but lacks deep financial modeling – leans toward speculation with a clear directional bias. === SENTIMENT === BULLISH === TRADE IDEAS === LULU - LONG | confidence: 0.70 | sentiment: +0.70 Speaker: u/abolys Thesis: 1. THE FACT: North America sales are flattening due to tariffs, but international revenue is growing at 20%, driving ~10% total revenue growth through 2027. 2. THE BRIDGE: The market is overly focused on proxy/board drama, creating a mispricing opportunity as LULU’s international expansion is underappreciated. 3. THE VERDICT: LULU is undervalued relative to its long-term growth potential from international markets; a 2-year hold captures the inflection point when international overtakes NA. 4. RISKS: Tariffs worsen, international growth slows, or proxy fight leads to disruptive strategic changes; recession could hit consumer discretionary spending. Timeframe: medium-term Key Points: - International growth 20% offsets NA tariff drag - Proxy noise seen as irrelevant to fundamentals - Revenue CAGR ~10% supports valuation re-rating - Small current position, author plans to add - 2-year hold horizon for international overtake