Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a brief summary of a detailed note available to paid subscribers.
The next test of the IPO market is set for Wednesday. Birkenstock is expected to go public on October 11.
This will be a more representative test of underwriting conditions since the company is free of the technology industry and emerging growth company distortions. The aggressive pricing will measure IPO investor risk aversion.
There is notable downside risk to the valuation if Birkenstocks are simply perceived by investors as shoes. The comparable company analysis reveals the extent of the risk.
The Rabid Capitalist’s comparable company valuation analysis is set forth below.
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The Rabid Capitalist 
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