ASOMF - ASOS: Improving Fundamentals Plus Significant Drop In Share Price Make It Attractive

• ASOS is primed finally to launch a full expansion into the U.S. with its Nordstrom equity partnership.
• McKinsey notes online fashion sales have increased significantly, with this trend likely to continue.
• The Arcadia brands acquired in 2021 will continue to support strong revenue growth.
• Supply side delivery issues are easing and present an opportunity to outperform expected margins.
• ASOS’s current valuation is well below its peers and historic multiple. Our expectation would be a 68% expansion.

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