this year stock price has been absolutly destroyed (down roughly \~60% from its highs), yet when I look at the fundamentals I struggle to see a business that’s actually broken.
What I see:
* Strong brand with repeat purchases (charms, collections)
* Very high gross margins (\~70%+)
* Solid operating margins and cash generation
* Ongoing buybacks
* Balance sheet looks fine
* Valuation now around \~8x normalized earnings
Ok we will see worse margins (expecially next earnings) from now on due to higher silver/gold price but some kind of correction must happen, i d'ont believe they can keep climbing 10% a month for long.
Is there a real long-term risk to the brand or business model that justifies this drawdown, or is this simply a case of sentiment + sector rotation and this could be a good entry point?