sarria live model
sarria analysis
corporate filings
Results Call

- for speed listening, go to the settings wheel on the bottom right of the video and choose playback speed - after one minute video becomes high-resolution.

 

Intro Capital and Legal Structure - 18 Feb 25

Business Description - 18 Feb 2025

Tariffs - 18 Feb 25

Model - 18 Feb 25

Investment Discussion - 18 Feb 25

 
SARRIA News -INTU
Birkenstock - Steps - Model Update
Aengus McMahon
Birkenstock - Steps - Model Update
Aengus McMahon

Please see our updated analysis here.

 

Birkenstock weathered the tariffs in FYE 2025, but 2026 will be tougher on margins; that said, the company continues to grow sales and profitability and is

Aengus McMahon
Birkenstock - comment
Aengus McMahon
Birkenstock - comment
Aengus McMahon

Birkenstock had already released the headline results in January, so the results didn’t contain much by way of surprises. Birkenstock will benefit from

Aengus McMahon
Aengus McMahon
Birkenstock - comment
Aengus McMahon

The upgrade to BB+ reflects the expectation that the revenue growth and EBITDA margin strength in recent years will continue. S&P calculated

Aengus McMahon
Aengus McMahon
Birkenstock - comment
Aengus McMahon

The small miss on revenue growth (11.1% vs guidance of 13% - 15%) is a negative, without being terrible. Constant currency growth

Aengus McMahon
Aengus McMahon
Birkenstock - comment
Aengus McMahon

The headline is a modest increase in guidance, but we think the €18m acquisition of a facility in Dresden is more important. It underlines the growth

Aengus McMahon