The Buckle, Inc. (NYSE:BKE)

CAPS Rating: 4 out of 5

The Company is a retailer of medium to better-priced casual apparel, footwear and accessories for fashion conscious young men and women.

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Member Avatar nrlbuild (98.26) Submitted: 2/13/2014 4:21:24 PM : Outperform Start Price: $43.19 BKE Score: +0.77

Great history of compounded annual returns. Superb customer experience and employee culture. Diversification of brands helps mitigate fashion trend risk. Jeans are here to stay!

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Member Avatar AnsgarJohn (99.11) Submitted: 1/17/2014 11:08:31 AM : Outperform Start Price: $45.76 BKE Score: -4.17

The Buckle, great balance sheet. Nice dip.

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Member Avatar TMFTycoon (< 20) Submitted: 1/10/2014 2:26:47 PM : Outperform Start Price: $48.51 BKE Score: -9.96

The Buckle boasts stellar management dedicated to returning value to shareholders. At 452 stores, there's plenty of room for this retailer to grow, and I think it will continue to execute exceedingly well.

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Member Avatar univsocal100 (< 20) Submitted: 11/4/2013 3:51:15 PM : Outperform Start Price: $48.06 BKE Score: -12.94

Time to declare the special dividend for Dec or Jan at which time the stock shoots up several dollars.

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Member Avatar TMFInnovator (37.93) Submitted: 10/17/2013 2:00:47 PM : Outperform Start Price: $45.75 BKE Score: -10.88

I'm of the belief that the poor same store sales is a short-term headwind and that the company outperforms over the long-term.

Buckle's management team is on top of their game and they are killing it in hitting retail metrics. Sales per store and sales per square foot keep rising year after year. And they understand that customer experience and management mean everything in this business -- which is why they promote from within and pay attention to employee training and satisfaction. I always enjoy reading CEO Dennis Nelson's letter to shareholders: http://corporate.buckle.com/sites/default/files/annual_reports/2012_Annual_Report.pdf

The company is also very selective about opening new stores (~10 per year), which maximizes the bang for their buck. Their model seems to be 1) have control over profitable stores, 2) churn out cash, and then 3) pay that out to shareholders via special dividends. I like that line of thinking.

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Member Avatar thequast (89.06) Submitted: 10/10/2013 12:48:37 PM : Outperform Start Price: $46.67 BKE Score: -15.44

After today's drop I see little downside. Plus the dividend is pretty good and safe. Should be a slow but steady grower long term

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Member Avatar OptimistPrime (61.12) Submitted: 10/9/2013 11:18:20 AM : Outperform Start Price: $50.49 BKE Score: -25.07

Better profit margins than similar companies, low debt, PE around 15. Good company

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Member Avatar ScoopHoop (< 20) Submitted: 10/8/2013 4:13:46 PM : Outperform Start Price: $49.95 BKE Score: -23.47

BKE consistently achieves high net margins around 14% while growing monthly same-store sales around 1% to 2.5%. The company grows store count conservatively, using top in-house talent for new stores. Plenty of room to grow at 445 stores. Solid balance sheet, $128 million in cash and no debt. Typically pays special dividend every fall. I expect 2013 special dividend to be around $3.25 per share.

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Member Avatar konradgateau (62.53) Submitted: 8/5/2013 1:23:42 AM : Outperform Start Price: $54.71 BKE Score: -27.88

good fundamentals, cheap on normalized EBIT basis, good profitability

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Member Avatar OneStepCloser (62.05) Submitted: 7/16/2013 9:57:37 AM : Underperform Start Price: $53.33 BKE Score: +27.45

Good brand but overvalued for possible growth in the future.

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Member Avatar jwray01 (99.74) Submitted: 6/24/2013 1:31:50 AM : Outperform Start Price: $49.32 BKE Score: -28.12

Very strong fundamentals at a reasonable price.

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Member Avatar trurl9 (62.40) Submitted: 6/8/2013 5:46:18 AM : Outperform Start Price: $53.42 BKE Score: -29.35

Well managed clothier with well defined brands for it's specific niche. Special dividends on top of regular dividends are yummy.

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Member Avatar Patrix882003 (49.90) Submitted: 4/5/2013 9:26:27 AM : Outperform Start Price: $44.81 BKE Score: -21.81

growth stock ?

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Member Avatar 42asdf (47.82) Submitted: 1/30/2013 8:03:39 PM : Outperform Start Price: $44.28 BKE Score: -23.89

seems to be valued fairly for its current earnings and book value. I like it because it's return on equity, profit margins, and growth are excellent.

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Member Avatar JohnCLeven (83.47) Submitted: 1/22/2013 9:56:07 AM : Outperform Start Price: $43.53 BKE Score: -23.48

Extraordinary returns on capital. ROC was 42% in most recent year (off the charts) and ROC has consistently grown just about every year from 12% a decade ago to 42% today. 5 yr avg ROC is 34-35%.

EPS has grown every single year for the past 10 years. Very few companies have been able to grow this consistently. FCF/EV = 9%. Also, a 1.77% dividend. Great management as well.

Looking at BKE's past growth history, I find it very unlikely that BKE will not continue to grow. Even if that future growth is at lower end of estimates and historical averages, I believe BKE should pan out to a solid long term investment.

And a BIG shout out to fool elcid16, who pointed out a glaring error that I made in my original BKE pitch, where I erroneously combined FCF yield and dividend yield. Thank you for correcting me. I am here to learn, and I appreciate the feedback.

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Member Avatar ohm4u (< 20) Submitted: 1/8/2013 6:01:31 PM : Outperform Start Price: $42.61 BKE Score: -23.39

hot company in an average industry

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Member Avatar Seattleldg (39.77) Submitted: 1/7/2013 12:08:42 AM : Outperform Start Price: $42.87 BKE Score: -24.03

Buckle is an outstanding yet underappreciated business that has done very well through recession and should do even better as the economy recovers. Owner Earnings have grown 18% per year for last 10 years with no slowdown in earnings in 08/09. ROE and ROIC have averaged 38 for the last 5 years. This was accomplished with no long term debt on the balance sheet. The business employs a conservative growth strategy using FCF rather than debt to fund growth.

While growth is outstanding on its own, an even bigger reason to own BKE is the dividend. The widely published dividend yield of 1.8% may not seem that inspiring. However, the company routinely pays a special dividend in the 4th quarter. A total of $4.50 per share in was paid in dividends in 2012 which gives the stock and outstanding 11.8% yield. With these kind of shareholder friendly payouts, it probably comes as no surprise that there is heavy insider ownership with the Chairman owning 34% of company.

In the current market, you would expect a company like this to have a PE in the 18-22 range. However, BKE currently sports a PE of less than 14. Using a reverse DCF analysis, this suggests that market is expecting no growth from this company. Given its track record, this is clearly silly. At current prices BKE offers a huge margin of safety. Collect the 11.8% yield while you wait for the market to catch on!

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Member Avatar BKITU (97.03) Submitted: 11/19/2012 11:43:07 AM : Outperform Start Price: $42.24 BKE Score: -29.26

Financials appear solid, looks like it's gearing up for a major, aggressive expansion. Excellent margins. It's a bit of a gamble, but this is the kind of calculated risk a balanced portfolio should include -- the reward potential is inviting, and the company appears solid enough to weather the storms of growth.

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Member Avatar jwlarson3 (52.62) Submitted: 10/25/2012 5:15:21 PM : Outperform Start Price: $38.19 BKE Score: -15.57

I agree with the good price point now, stable sales, and what really makes it a buy is the special dividend that has been payed out in the last few years. I also find this business to be at the upper level of retail right now, the sort that caters to people who will still have discretionary money through slow economic times.

As a 35 year old surgeon I shop here regularly, but only when I can get to one. I don't typically buy casual clothes elsewhere, and save my budget for trips to the in-laws house where there's a BKE in the mall. It definately has a broader target than the fickle teenage crowd, and a loyal base of fairly well-to-do patrons like me, in large part because the clothes are marketed and cut for tall athletic individuals who have few other off the shelf options.

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Member Avatar TMFRedRam (45.53) Submitted: 10/16/2012 10:42:29 AM : Outperform Start Price: $39.67 BKE Score: -16.41

Strong margins, well-paced growth, great leadership. Buckle is a steady grower and good earner.

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