Build-A-Bear (BBW) hasn't really moved since my last article on it despite reporting a strong Q3 that shows continued improvement in fundamentals after a disastrous 2018.
Source: Seeking Alpha
While some segments like commercial haven't done as well as we expected, the overall thesis remains clear - BBW is highly undervalued with substantial cash reserves, no debt, and strong FCF. Even a conservative valuation shows that BBW is trading far below fair value.
Q3: Improvements on all fronts
Q3 not only showed an improvement in nearly every aspect of the business but the company also