TCS - The Container Store: Opening The Box

• Shares of The Container Store have lost more than half their value in the past year after rising ~900% in the year leading up to the decline.
• Management will have a hard time changing perceptions that the pandemic was simply a pull-forward of its sales – as comps turn negative.
• Trading at an EV-to-EBITDA of 3.2 and a price-to-sales of under 0.4, the recent insider buying after a 25% selloff post-3QFY21 earnings merited a deeper dive.
• A full investment analysis follows in the paragraphs below.

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