President, Vision Research

Robert C Prather Jr

Vision Research LLC (founded in 2011) is an independent equity research firm using fundamental analysis to help investors avoid risk & profit from structurally challenged equities. The research is focused on US & European equities. Primary sectors include consumer, TMT and industrials.  Team background includes 3 CFA Charter holders, 2 Certified Public Accountants, global L/S experience, TMT credit experience, management consulting, software engineer, and long biased international equities.

President

Colruyt (COLR BB) : The Downside Risks Abound in the Shopping Cart

J Sainsbury PLC(SBRY LN): Is This UK Grocer a Value Trap/Short?

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

Equity Bottom-Up

<p>After a year of COVID benefits, <a href="https://www.smartkarma.com/entities/kroger-co" target="_blank" data-smartkarma-citation="entities:20824:1" rel="noopener">Kroger Co (KR US)</a> is likely to return to its pre-pandemic ways including: low/no top line growth and margin pressure.  Difficult comps, increasing competition, fuel profit reversion, above average multiples and bullish estimates create risk to the downside.  Biggest risks are food inflation and an Ocado miracle.</p>

After a year of COVID benefits, Kroger Co (KR US) is likely to return to its pre-pandemic ways including: low/no top line growth and margin pressure.  Difficult comps, increasing competition, fuel profit reversion, above average multiples and bullish estimates create risk to the downside.  Biggest risks are food inflation and an Ocado miracle.

Kroger (KR): Re-Opening Headwinds & Downside Risk