On Holding AG
ON
pitch
long
Rudi van Niekerk, Desert Lion Capital
Thesis
On is currently undervalued at 15-16x EBITDA, while its growth rate is significantly higher than that of competitors like Nike. With expected valuation at 30-35x EBITDA due to its strong growth and founder-led management, On presents an attractive investment opportunity, especially as it expands into apparel.
Did it work?
inconclusive
confidence: low
Without specific price performance data or a defined time frame since the pitch, it's difficult to assess whether the thesis has played out. The valuation and growth dynamics mentioned in the thesis could still hold true, but without concrete evidence of price movement or market response, the outcome remains uncertain.
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