Last month, we covered FILA Group in a brief initiation and issued a Buy rating. It didn’t take us long to understand the bull case - the value disconnect/steep discount to SOTP value in the name — and we wanted to share our opinion (many are already aware of this name from write-ups that have circulated).
We spent some more time performing due diligence and wanted to share our findings once again. This note essentially serves as a “Part 2” to our previous initiation and can provide investors more depth in the name.
As we already covered, FILA remains a surprisingly overlooked compounder in the consumer staples space, trading at what seems like distressed levels despite owning a global portfolio of entrenched brands and an increasingly valuable hidden asset in India’s DOMS Industries.
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