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Clark Square Capital
9.4K posts
Clark Square Capital
@ClarkSquareCap
Global investor. I publish in-depth research on under-the-radar stocks and special situations. Subscribe at https://t.co/i702QwsfOF
Austin, TX 가입일 Mayıs 2018
2.9K 팔로잉31.5K 팔로워
There's some volatility in margins depending on the number and size of game launches, and the mix (PC vs mobile). They did have more launches in 2025, but not sure if that means margins will mean revert in next couple of quarters given the costs have been expenses already, or it the cost of acquisition has increased. Still, you're essentially getting the business here at a 0 EV. And 2026 will see earnings growth given their latest hit game, and the launch of Ragnarok online 3, which is their big tent pole
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That marks a pretty significant change for $GRVY and their capital allocation plans. Will also reach out to IR
Freddie Wittmann@freddiewittmann
@FabianDring2 @perjoergensen62 @Reignots Got the same response
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@leevalueroach Nice one. I own this too. It's crazy cheap if they get anywhere near where they were in earnings before the transition -- something like a LSD/MSD P/E.
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The company I just wrote about had their share price collapse 56% this past year because they did what every subscription based business has to to do early on.
Front-load costs to acquire subscribers, compress margins intentionally, and then wait for year two when those subscriptions renew at zero acquisition cost to realize the full value of this reoccurring high margin revenue.
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Clark Square Capital 리트윗함
Any profitable, cheap & growing microcaps which have pulled back that people like here?
Couple I picked up recently: $VST.CN, $DBO.TO
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@shirefindsvalue The setup keeps improving, but the stock keeps moving down. Classic.
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Confirmed here as well x.com/FabianDring2/s…
Fabian Doering@FabianDring2
@Reignots $GRVY - according to "IR" their upper management now weighs more heavily on consideration of shareholder return policy than in the past. Prioritizes growth investments this year but as earnings growth becomes more visible plans to implement a more structured capital return policy
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Looks like $VRA Vera's new campaigns are driving renewed interest. This week's Google searches grew at the fastest YoY pace in 5 years
Clark Square Capital@ClarkSquareCap
One underappreciated part of the Vera Bradley $VRA turnaround story is how they're pivoting to a scarcity/collab-driven model, which I think is really starting to resonate. Today, they unveiled a drop of 50 custom bags, which sold out in minutes. They also just launched a collab with Bath & Body Works, which I think will do quite well.
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E-commerce web traffic up to 3/7. Although it is a consumer name, I think it should be well-insulated if there's an inflation spike due to the very high-end customer (avg basket is close to ~1,000usd)
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Pretty good risk/reward here in $LUXE, with the stock back to where it was before blowout earnings and accelerating ecom trends. Super cheap if they hit their 8% margin target, like ~3x EBITDA 2-3 years out
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it's a good question. i don't think the people i've talked to actually push back on the margin target. luxe lays out a pretty good case of how they get to it. mytheresa is already at a 6-7% margin, and nap/mrp is lsd but they can pretty much get to the target through consolidating the tech stack and some synergies. it doesn't really bake in much aside from that.
i think people are just overall skeptical of the sector. seems like a lot of investors got burned in the space (primarily with ftch). so they seem to heavily discount luxe
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@ClarkSquareCap why do you think the market doesn’t believe they’ll reach their target?
what’s the biggest obstacle preventing them from getting to 8% margin?
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One underappreciated part of the Vera Bradley $VRA turnaround story is how they're pivoting to a scarcity/collab-driven model, which I think is really starting to resonate.
Today, they unveiled a drop of 50 custom bags, which sold out in minutes. They also just launched a collab with Bath & Body Works, which I think will do quite well.
Clark Square Capital@ClarkSquareCap
Thoughts on Vera Bradley $VRA, which reported Q4 results this morning. Overall, a very solid quarter highlighted by a return to profitability (first profit in over a year) and sequential improvement across direct channels — with Q1 already tracking positive. It's early innings of the turnaround, but it's starting to bear fruit. The stock is up ~30%, but it's still incredibly cheap. At $3.30, VRA carries a $90M market cap with roughly $20M in net cash (revolver fully repaid this quarter), a building listed for sale at $25M, another owned building likely worth ~$20M, and $76M of inventory. Liquidation value comes in close to $5/share — solid downside protection — though the business should be worth considerably more if the repositioning succeeds. The ultimate endgame, in my view, remains a takeout. A larger acquirer can strip out a substantial portion of the ~$50M in corporate overhead and immediately inherit a profitable business. Recent moves point in this direction: the addition of Ivan Brock to the Board (ex-investment banker), the inventory clean-up, the sale-leaseback transaction, and the broader "Coach reunion" management team. For now, the setup has improved materially. Q4 risk (inventory liquidation) has been taken off the table, and Q1 web traffic signals look very solid. The stock should do nicely from here. LONG. Key Figures Revenue Net revenue: $84.9M vs. $86.4M PY (-1.7%) Direct: $74.5M (-2.6% YoY); comparable sales -0.7% (~flat ex-Storm Fern) Indirect: $10.4M (+4.9% YoY), driven by unannounced wholesale spring collaboration Profitability Gross margin: 47.8% non-GAAP vs. 46.8% PY (+100 bps) SG&A: $37.3M non-GAAP (43.9% of revenue) vs. $47.9M (55.4%) PY — down $10.6M / -22% Operating income: $3.6M non-GAAP vs. ($7.3M) loss PY Net income: $2.5M non-GAAP vs. ($5.4M) loss PY Diluted EPS: $0.09 non-GAAP vs. ($0.19) PY (+$0.28 swing) Balance Sheet Cash: $18.5M; ABL fully repaid in Q4 Inventory: $76.0M, down 16.9% YoY (~22% ex-tariff inflation of $4.2M) Q4 operating cash flow: $17M Segment Operating Income Direct: $11.9M (15.9% margin) vs. $6.4M (8.4%) PY Indirect: $3.5M (34.1% margin) vs. $2.0M (20.3%) PY Unallocated corporate: ($11.8M) vs. ($15.7M) PY Key Callouts First profitable quarter in over a year Third consecutive quarter of sequential Direct revenue improvement Q1 FY27 Direct channel tracking positive (called out explicitly on the call) Brand channel comps: double-digit positive for second consecutive quarter Two full-line stores closed in Q4; net 11 store closures over the trailing twelve months Inventory turns: 1.6x vs. 1.5x FY25 (management targeting 3x)
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This looks like the product -- a custom tote bag as part of the package?
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@GuyImpatient Oooh good to know. Thanks. I showed the old stuff to my wife and she didnt like it. But she was really into the spring collection
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@ClarkSquareCap Of note: Me and the misses went into a VB store at an outlet mall a week or so ago. We didn't buy anything but my wife said "oh this is cute" at least 7 times.
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@Jaro_rogue Come on Jacob, time to build it, and share it with your friend Clark
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Someone is a cheap Capital IQ API equivalent away from becoming a multi-millionaire. Everyone will be able to make their own dashboards in a day. Only thing that keeps koyfin and tikr in business is their access to enterprise Capital IQ where they can spread cost across users.
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As someone who used Bloomberg at multiple firms, I have a ton of admiration for the terminal.
But anyone who says a useful alternative cannot be built (esp with AI) until it has all X connectors is being dishonest. Most of us use it as a glorified dashboard + Snapchat.
The Wall Street Journal@WSJ
Finance types worship at the altar of the Bloomberg terminal. So when AI evangelists recently declared it ”cooked,” it was war. on.wsj.com/4byzDuR
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