CROCS INC. $52 is a hold. The company (Nasdaq symbol CROX; Consumer sector; Shares outstanding: 61.6 million; Market cap: $3.2 billion; No dividend paid; Takeover Target Rating: Medium; www.crocs.com) makes casual footwear for men, women, and children. It is best known for its molded shoes featuring Croslite, a non-toxic foam material that lends its footwear a soft, comfortable feel.
In February 2022, the company paid $2.5 billion for Hey Dude, a privately owned casual footwear brand based in Italy. Hey Dude makes light and casual footwear such as slip-ons for men, women and kids, which are priced around $60.
Growth by acquisition adds risk, especially with purchases as big as Hey Dude. However, the acquisition should immediately add to its profits.
The shares now trade at just 5.0 times the company’s forecast 2022 earnings of $10.50 a share. This low multiple reflects investor concerns over rising labour, raw material and transportation costs, and the changing tastes of youthful shoe buyers.
Crocs is a hold.
CHARTWELL RETIREMENT RESIDENCES $11 is…
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