India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Lenskart’s upcoming IPO marks India’s first major consumer-tech listing, positioning the eyewear disruptor as a vertically integrated D2C brand with around 75% share in organized retail and strong international traction.</li>
<li>While Lenskart’s 75% revenue surge and 275% EBITDA jump over two years highlight its operational strength, but the proposed valuation (70x EV/EBITDA) far exceeds global peers raises serious concerns.</li>
<li>Lenskart’s vertically integrated model, data-led omnichannel scale, and strong international playbook offer structural advantages. But the IPO’s frothy valuation and pre-IPO promoter stake sales warrant a cautious stance for investors.</li>
</ul>


Lenskart’s upcoming IPO marks India’s first major consumer-tech listing, positioning the eyewear disruptor as a vertically integrated D2C brand with around 75% share in organized retail and strong international traction.
While Lenskart’s 75% revenue surge and 275% EBITDA jump over two years highlight its operational strength, but the proposed valuation (70x EV/EBITDA) far exceeds global peers raises serious concerns.
Lenskart’s vertically integrated model, data-led omnichannel scale, and strong international playbook offer structural advantages. But the IPO’s frothy valuation and pre-IPO promoter stake sales warrant a cautious stance for investors.


Lenskart IPO: Fashioning Vision or Pricing Perfection?

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>Warby Parker disrupted the eyewear industry in 2010 with affordable prices and innovative styles, known for their commitment to social impact</li><li>The company has faced challenges with slowing growth and increased competition, leading to concerns about its uniqueness and disrupter status</li><li>Critics believe that Warby Parker's focus on technology and business model changes indicate a potential decline, making it a target for short selling.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Warby Parker disrupted the eyewear industry in 2010 with affordable prices and innovative styles, known for their commitment to social impactThe company has faced challenges with slowing growth and increased competition, leading to concerns about its uniqueness and disrupter statusCritics believe that Warby Parker's focus on technology and business model changes indicate a potential decline, making it a target for short selling.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Warby Parker Inc (WRBY) - Friday, Feb 23, 2024

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

National Vision Holdings / Equity Bottom-Up

<ul>
<li>Sales have fallen for four quarters. Comp store sales growth fell -8% last quarter due to customer weakness, the declining macro environment and constraints on exam capacity (optometrists).</li>
<li>Optometrists are supply constrained, which pressure margins from rising compensation. Investor-owned optometry service providers are at a disadvantage competing with professional practices that don’t share fees with investors.</li>
<li>National Vision is neither large and vertically integrated like Essilor Luxottica, nor niche focused like Warby Parker is on ecommerce. Their low-price strategy is easily replicable by competitors.</li>
</ul>


Sales have fallen for four quarters. Comp store sales growth fell -8% last quarter due to customer weakness, the declining macro environment and constraints on exam capacity (optometrists).
Optometrists are supply constrained, which pressure margins from rising compensation. Investor-owned optometry service providers are at a disadvantage competing with professional practices that don’t share fees with investors.
National Vision is neither large and vertically integrated like Essilor Luxottica, nor niche focused like Warby Parker is on ecommerce. Their low-price strategy is easily replicable by competitors.


National Vision Holdings, Inc. (EYE) Recommendation: Sell Short

United States

Warby Parker Inc. sells products through its website. The Company operates as online retailer of prescription glasses and sunglasses. Warby Parker serves customers in the United States and Canada.

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Warby Parker Inc (WRBY US)

Lenskart IPO: Fashioning Vision or Pricing Perfection?

Lenskart's upcoming IPO as India's first major consumer-tech listing highlights its operational strength and international traction, but its...

Sudarshan Bhandari

Warby Parker Inc (WRBY) - Friday, Feb 23, 2024

Warby Parker disrupted the eyewear industry in 2010 with affordable prices and innovative styles, known for their commitment to social impact

Value Investors Club (VIC)

National Vision Holdings, Inc. (EYE) Recommendation: Sell Short

National Vision Holdings, Inc. (EYE) Recommendation: Sell Short on weak sales, margin compression, and lack of sustainable differentiation.

Eric Fernandez, CFA

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lenskart IPO: Fashioning Vision or Pricing Perfection?

​Lenskart's upcoming IPO as India's first major consumer-tech listing highlights its operational strength and international traction, but its...

Sudarshan Bhandari

Warby Parker Inc (WRBY) - Friday, Feb 23, 2024

Warby Parker disrupted the eyewear industry in 2010 with affordable prices and innovative styles, known for their commitment to social impact

Value Investors Club (VIC)

National Vision Holdings, Inc. (EYE) Recommendation: Sell Short

National Vision Holdings, Inc. (EYE) Recommendation: Sell Short on weak sales, margin compression, and lack of sustainable differentiation.

Eric Fernandez, CFA

Lenskart's upcoming IPO as India's first major consumer-tech listing highlights its operational strength and international traction, but its...