The Buckle, Inc. (NYSE:BKE)

CAPS Rating: 5 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 1nvestor (76.42) Submitted: 8/5/2014 1:15:33 PM : Outperform Start Price: $42.14 BKE Score: -6.09

A core holding for the retail sector. Focused management high RoCE and smart growth strategy means that this should be a core holding for most people.

Hi Dividend payer (via one off special dividends) and large insider ownership means that management is not looking to grow the Empire but rather maintain high levels of return.

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Member Avatar nrlbuild (98.97) Submitted: 2/13/2014 4:21:24 PM : Outperform Start Price: $40.29 BKE Score: -8.14

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 TMFTycoon (73.59) Submitted: 1/10/2014 2:26:47 PM : Outperform Start Price: $45.26 BKE Score: -19.49

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 (36.08) Submitted: 11/4/2013 3:51:15 PM : Outperform Start Price: $44.84 BKE Score: -22.99

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 thequast (93.96) Submitted: 10/10/2013 12:48:37 PM : Outperform Start Price: $43.55 BKE Score: -26.10

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 (32.76) Submitted: 10/9/2013 11:18:20 AM : Outperform Start Price: $47.10 BKE Score: -36.55

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: $46.60 BKE Score: -34.80

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 (52.33) Submitted: 8/5/2013 1:23:42 AM : Outperform Start Price: $51.04 BKE Score: -39.19

good fundamentals, cheap on normalized EBIT basis, good profitability

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Member Avatar OneStepCloser (74.83) Submitted: 7/16/2013 9:57:37 AM : Underperform Start Price: $49.76 BKE Score: +38.88

Good brand but overvalued for possible growth in the future.

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Member Avatar jwray01 (99.83) Submitted: 6/24/2013 1:31:50 AM : Outperform Start Price: $46.01 BKE Score: -40.25

Very strong fundamentals at a reasonable price.

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Member Avatar trurl9 (69.31) Submitted: 6/8/2013 5:46:18 AM : Outperform Start Price: $49.84 BKE Score: -41.06

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 (26.28) Submitted: 4/5/2013 9:26:27 AM : Outperform Start Price: $41.81 BKE Score: -33.79

growth stock ?

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Member Avatar 42asdf (70.25) Submitted: 1/30/2013 8:03:39 PM : Outperform Start Price: $41.32 BKE Score: -36.28

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 ohm4u (< 20) Submitted: 1/8/2013 6:01:31 PM : Outperform Start Price: $39.75 BKE Score: -36.05

hot company in an average industry

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Member Avatar Seattleldg (55.23) Submitted: 1/7/2013 12:08:42 AM : Outperform Start Price: $40.00 BKE Score: -36.73

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 (96.95) Submitted: 11/19/2012 11:43:07 AM : Outperform Start Price: $39.41 BKE Score: -42.88

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 (38.93) Submitted: 10/25/2012 5:15:21 PM : Outperform Start Price: $35.63 BKE Score: -28.11

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 (53.45) Submitted: 10/16/2012 10:42:29 AM : Outperform Start Price: $37.01 BKE Score: -28.70

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

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Member Avatar ndavis90210 (94.43) Submitted: 8/23/2012 1:12:38 AM : Outperform Start Price: $26.67 BKE Score: -22.33

Buckle currently sports a 1.86% yield on regular dividends. Including the special dividend (which it has paid, in varying amounts, for the last 4 years), the trailing dividend yield is 7.1%.

Sales growth has averaged just under 15% the last five years, with EPS growth about 20% annualized. Growth has slowed a little lately, but still over 10%.

Between the dividends and the consistent growth, Buckle looks like a winner. With a payout ratio of 93%, they might have trouble sustaining both growth and dividends. However, they do not seem to be straining for cash -- management appears to be doing a great job in that department.

If management decides there are more opportunities for growth, they can always decide to reduce (or stop entirely) the special dividend. That would still leave the $.20 regular dividend at very reasonable price. Of course, they could suspend that too, but they have been paying a dividend since October 2003.

Reading others' comments, there seem to be those that think Buckle is a fad that will fade away and/or their merchandise is overpriced to the point of destroying demand. That might be entirely true. I am definitely not a fashion or consumer trend expert. And I am more than happy with paying much lower prices for clothing at Walmart.

However, whenever I go to my local mall, Buckle always seems to have their share of customers. They seem to have a relatively large range of age appeal too -- centered around younger adults, but including teens and more middle-aged people too. I think that helps them keep a more even keel as far as fads and trends go.

Also, just because they sell trendy clothing today does not mean they can't sell trendy clothing tomorrow, or five, ten, fifteen years from now. Buckle has been around for awhile (decades). I think they've seen one or two trend changes over that time, and it looks like they handled them just fine.

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Member Avatar FoolWithFive (99.56) Submitted: 7/23/2012 4:14:53 PM : Outperform Start Price: $31.91 BKE Score: -20.66

I can't say that I like the pants myself, but I like the fools analysis and the opinions on the street.

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