Initiating Coverage of the Birkenstock With Narrow Moat and $46 Fair Value Estimate

Birkenstock is a heritage footwear brand that differentiates from other global footwear makers by offering comfortable shoes with orthopedic benefits that are manufactured in-house as opposed to industry norms of outsourcing. We believe the company rides a market tailwind of popularity of wellbeing, self-care, and “quiet designs” that significantly boosted Birkenstock sales, which grew more than 3.5 times over the last nine years.