Nice write up and I totally agree with the conclusion. My only 2 cents I would like add is:
- Adores moat is the eyeballs it attracts and retains. A new entrant would require many years and incur significant customer acquisition costs to replicate the Adore business.
- I was looking at some Euromonitor sales data in the beauty and personal care sector & specialist beauty retailers. 2 things stood out to me:
1. Specialist beauty retailers are winning market share from the likes of Chemist warehouse etc.
2. Projected CAGR growth rates in the BPC sector in the next 5 years appear reasonably attractive compared to other industries.
Adore Beauty; solid business, currently overvalued, page-2
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