Barnes & Noble Education (BNED), mcap=$142m, price $2.73 vs $3.20

– Textbook, edtech, and on-campus retail businesses were negatively affected by COVID college closures.
– All segments are set to continue fast growth.
– $100m/year earnings power (exp by ’24 and ’25) vs $170m market cap.
– Shares sell-off is mostly associated with index removal.

– Expected to guide/generate $50-60m in ’23 EBITDA on $150m market cap and $610 EV.
– Earnings power is projected to increase to $100m by ’25.

Exp. gain: 4x-5x bagger.

Full $BNED write-up (free guest account required):

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