Celsius Holdings, Inc.
Thesis
Celsius is positioned for significant growth with an 18% sales CAGR driven by strong customer loyalty and expanding distribution through PepsiCo. The company is expected to achieve operating margin expansion through strategic acquisitions and scaling operations, while currently trading at a discount compared to industry peers. The base case models a price target of $65.7 by FY2028, representing a 94% upside.
Did it work?
The stock price has declined by 60.3% since the pitch, which is a significant deviation from the bullish thesis that anticipated substantial growth and a price target of $65.7 by FY2028. Given that 28 months have passed, which is over half of the stated horizon, the failure to achieve positive price performance indicates that the thesis did not materialize as expected.
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