Thesis
At Home Group Inc. (“HOME” or the “Company”) is a growing home furnishings superstore that is benefiting from a number of underappreciated trends and industry dynamics. This has presented an opportunity to buy HOME at a very attractive valuation with significant upside over the coming quarters. We believe HOME is worth $22-28 per share, 240-330% above its current trading price.
Catalysts
Near-term catalysts include: 1) market share gain and increased revenue from the recent bankruptcy of Pier 1 and other closures; 2) ongoing consumer spending shifts to home goods and furnishings; 3) margin expansion