PTON - Nautilus: A 2021 Battleground Stock

• Nautilus has reported two spectacular quarters but its stock trades at a modest valuation as people view these results as 'peak earnings' and unsustainable.
• Despite this skepticism, management's non-cancellable purchased orders are a clear bullish signal for a longer growth runway than the market is discounting.
• Management notes its total addressable market has expanded from $3.6 billion to $6 billion + as upwards of 10% of gym membership spend will permanently shift to home fitness.
• I am measuredly bullish on Nautilus, as Peloton's acquisition of Precor has cooled my bullishness.

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