Overview of Yeti Holdings: bottle, satchels and caps

Yeti Holdings (NYSE: YETI) - American company, которая продает товары для активного отдыха. The pandemic has become an opportunity for the company to improve its business performance. AND, surprisingly, все те же предпосылки продолжают играть на руку компании и сейчас.

What do they earn

Yeti Holdings занимается дизайном и продажей товаров для активного отдыха, но производство находится у других компаний. According to the company's annual report, the distribution of its revenue is as follows:

  1. Емкости для питья — 58%.
  2. Coolers and equipment — 41%. Различные сумки и емкости для хранения продуктов при определенной температуре, также это оборудование для кемпинга и пикников.
  3. Other - 1%. T-shirts, Caps, ice substitutes and openers.

53% sales of the company are carried out directly - through its website or third-party marketplaces. Wholesale channels account for 47% are various retail chains such as Dick's Sporting Goods, Lowe's and Williams Sonoma.

Almost all sales of the company fall on the United States, other countries give only 6% proceeds.


Overview of Yeti Holdings: bottle, backpacks and caps

In general, the guys are great

Pandemic spurred Yeti's business: фактическое закрытие возможности путешествовать для широких масс привело к росту внутреннего туризма не только в США, но и во многих других странах. As a result, Yeti's revenue also increased., и прибыль, and final margin.

В немалой степени компании помогло то, that it is strong in online sales: growth of orders through this channel in 2020 made up 50%, which is particularly impressive compared to the 3% drop in sales through wholesale buyers..

4 neighborhood 2020 the company also came out very strong, хотя на тот момент карантин в США и остальном мире уже не был тотальным. This point indicates the future prospects of the business..

It's been more than a year since the pandemic began and quarantines of varying degrees of severity were imposed around the world.. Quarantine is periodically canceled, to re-enter back. So it seems to me, that this situation will last for a very long time: U.S. Airport Congestion Rates Are Recovering at a Sna-Tortoise Pace, а новости про приостановку рейсов из одних стран в другие появляются регулярно. Так что активный туризм в пределах района или страны еще остается весьма актуальным.

  It all starts with a smile! Part 2

I think, the company can still count on at least a year - and maybe, и два — такого же активного роста продаж.

Sales of the company through channels

Direct sales to customers8%53%
Продажи в общем469 million1,09 billion


Comparison of company sales, million dollars

4 neighborhood 20194 neighborhood 2020Рост в процентах
Кулеры и оборудование10213431%
Drinking containers19223623%
Direct sales14921846%



Overview of Yeti Holdings: bottle, backpacks and caps

There are those, who cares

Yeti — это успешный и довольно маржинальный бизнес с хорошо развитой системой онлайн-продаж и хорошей узнаваемостью бренда. В связи с этим компанию мог бы купить кто-то из более крупных розничных игроков в сфере спортивной одежды и аксессуаров. For example, это могли бы быть Adidas или Nike.

Both companies are not so well accustomed to online sales, like yeti: physical stores still play a leading role in sales, although things are different here. Adidas sales for 2020 fell on 16,1%, and in 4 quarter 2020 - on 5% compared to the same period 2019 of the year. Nike's sales have grown in general thanks to more developed online channels., but not much: on 4% behind 9 Months, окончившихся 28 February 2021, and on 3% in the last quarter. With the success of Yeti it is not comparable.

In absolute and relative numbers, Yeti doesn't look very expensive.: P / E in the area 47 can be justified by good business performance and high potential for the development of sales of the company outside the United States. Сейчас у Yeti таковые продажи почти отсутствуют, but the above-mentioned companies export capacities are developed very well. The capitalization of Yeti itself is now relatively small., 7,35 billion dollars, and buy the company for 12 billion is quite a feasible task for a giant like Nike.



Followers on Instagram, million people

The North Face4,8
Lululemon Athletica3,4
Canada Goose0,6
Hydro Flask0,6


International sales in revenue

Under Armour28%
Lululemon Athletica28%
  Торговля по новостям


Your concentration has peeled off

According to the company's annual report, on Amazon приходится 14% Yeti sales. It's not great., поскольку Amazon — это проблемная компания. She is famous for, what copies goods, placed on its site, and then promotes its products to the detriment of themes, from whom she copied the goods. So here you have to be prepared for that., that Yeti will have nasty conversations with Amazon.

You should also consider that, что у Yeti нет своего производства и компания зависит от фабрик своих контрагентов. And there may be problems with that., because now the factories are loaded on the most "I can't", and Yeti's quarterly reporting could be affected by that, that she may not be able to deliver the goods on time.


Overview of Yeti Holdings: bottle, backpacks and caps


Overview of Yeti Holdings: bottle, backpacks and caps


Overview of Yeti Holdings: bottle, backpacks and caps


Yeti — это очень интересный эмитент. Despite the rapid growth of quotations since the beginning of the pandemic , stocks have risen by almost 100%, - I think, that these shares still have good upside potential due to the company's good business foundation.

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