Tilly’s (TLYS) was a decently run apparel retailer before the COVID-19 pandemic. As an investment, one of its main selling points was that it provided relatively stable revenues while being profitable and paying a nice dividend yield. Naturally, the ongoing pandemic has changed TLYS’s short-term macroeconomic picture, and it might be a while before economic activity returns to its 2019 levels. Even its 2020 dividend might be at risk. Yet, my valuation model suggests that the stock is likely undervalued at these levels. Hence, overall I think TLYS is currently a