DKS - Academy Sports: Still Undervalued Headed Into Q3 Earnings

• Academy Sports and Outdoors remains a deep value opportunity.
• ASO has repeatedly beat on earnings and has very good free cash-flow relative to its market cap.
• The e-commerce business and omnichannel strategy is still maturing with an opportunity for the company to improve profitability.
• ASO has rewarded shareholders with a significant buyback program and dividend payments may not be far off.
• Management is managing capital conservatively with a primary focus on the balance sheet and growing strategically.

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