Ulta Beauty $ULTA one pager

🏆 Score 6.4/10

🎯 My fair price estimation is around $428

🐂 Bull case

• Low valuation with a PE around 13x and a FCF yield around 7% - Same valuation as 2017 where the PE was 40x and the sales almost 3x lower than their are today

• Share cannibal

• Good capital efficiency

🐻 Bear case

• Too dependent on the US market (with limited development potential)

• Fierce competition