The Bottom-Up Bulletin

The Bottom-Up Bulletin

Share this post

The Bottom-Up Bulletin
The Bottom-Up Bulletin
DICK's Sporting Goods (DKS)
Bottom-Up Analysis

DICK's Sporting Goods (DKS)

Robert Reynolds's avatar
Robert Reynolds
Oct 02, 2023
∙ Paid
7

Share this post

The Bottom-Up Bulletin
The Bottom-Up Bulletin
DICK's Sporting Goods (DKS)
7
Share

DICK’s Sporting Goods (DKS) is a well established retailer that’s sailed through the digital transformation of the retail space and thrived thanks to well managed working capital, long-term fixed rate debt, a very healthy balance sheet with positive net cash and decent growth.

At a 9% Free Cashflow yield on 2024 estimates and $1.2 billion remaining on their buyback program, is DICK’s too good an opportunity to be true?

Contents:

  1. Capital Allocation, Financials & Valuation

  2. Business Model

  3. Risk & Challenges for the business

  4. Expectations

Keep reading with a 7-day free trial

Subscribe to The Bottom-Up Bulletin to keep reading this post and get 7 days of free access to the full post archives.

Already a paid subscriber? Sign in
© 2025 Robert Reynolds
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture

Share