YETI – YETI HOLDINGS, INC. (HQ: USA/Industry: Leisure Products)
YETI is a global designer, retailer, and distributor of innovative outdoor products. From coolers and drinkware to bags and apparel, YETI products are built to meet the unique and varying needs of diverse outdoor pursuits, whether in the remote wilderness, at the beach, or anywhere life takes you. By consistently delivering high-performing, exceptional products, the company has built a strong following of brand loyalists throughout the world, ranging from serious outdoor enthusiasts to individuals who simply value products of uncompromising quality and design.

9-Year Financial Summary (Recent/Average)
Revenue: $1.4B/$707M, with 2 declining years and 29.2% YoY growth
EPS (USD): 2.40/0.82, with 4 declining years and 35.6% YoY growth
BV (USD): 5.02/2.04, with 1 declining year and 96.1% YoY growth
FCF: $81M/$76M, with 6 declining years and -76.4% YoY decrease
Company does not pay a dividend
Share Count: Increased 6%

To value the business at the current market price the company would need more than a 21% per year growth for the next 10-years

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1670592&owner=exclude

MED – MEDIFAST, INC. (HQ: USA/Industry: Personal Products)
Medifast is the global company behind one of the fastest-growing health and wellness communities, which offers lifelong transformation, one healthy habit at a time. Reflecting the success of its holistic approach to health and wellness. With the expectation that it’s differentiated direct-to-consumer business model to continue to deliver growth in the foreseeable future.

10-Year Financial Summary (Recent/Average)
Revenue: $1.5B/$553M, with 2 declining years and 63.2% YoY growth
EPS (USD): 13.89/4.30, with 3 declining years and 60% YoY growth
BV (USD): 16.93/9.40, with 1 declining year and 42.4% YoY growth
FCF: $60M/$50M, with 3 declining years and -56.8% YoY decrease
Dividend: Increased 2,172%, with 1 declining year
Share Count: Decreased -86%

To value the business at the current market price the company would need more than a 17% per year growth for the next 10-years

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=910329&owner=exclude

SIVB – SVB FINANCIAL GROUP (HQ: USA/Industry: Banks)
SVB Financial Group is a diversified financial services company, as well as a bank holding company and a financial holding company. The company offers a diverse set of commercial and private banking and financial products and services to clients across the United States, as well as in key international innovation markets.

10-Year Financial Summary (Recent/Average)
Revenue: $5.9B/$2.4B, with 0 declining years and 50.9% YoY growth
EPS (USD): 31.25/13.10, with 1 declining year and 36.6% YoY growth
BV (USD): 208.28/90.37, with 0 declining years and 45% YoY growth
FCF: $1.7B/$676M, with 1 declining year and 25.1% YoY growth
Company does not pay a dividend
Share Count: Increased 27%

To value the business at the current market price the company would need more than a 18% per year growth for the next 10-years

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=719739&owner=exclude

BH – BIGLARI HOLDINGS INC. (HQ: USA/Industry: Hotels, Restaurants & Leisure)
Biglari Holdings is engaged in a number of diverse business activities, including property and casualty insurance, licensing and media, restaurants, and oil and gas. The company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Its management system combines decentralized operations with centralized finance decision-making.

10-Year Financial Summary (Recent/Average)
Revenue: $366M/$711M, with 6 declining years and -15.7% YoY decrease
EPS (USD): 22.37/19.34, with 6 declining years
BV (USD): 192.90/171.62, with 3 declining years and 11.2% YoY growth
FCF: $164M/$51M, with 5 declining years and 69.1% YoY growth
Company does not pay a dividend
Share Count: Remained the same

The stock is trading below its margin of safety intrinsic value by 14%

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1726173&owner=exclude

UNVR – UNIVAR SOLUTIONS INC. (HQ: USA/Industry: Trading Companies & Distributors)
Univar Solutions is a leading global commodity and specialty chemical and ingredient distributor and provider of value-added services to customers across a wide range of diverse industries. The company purchases chemicals and ingredients from thousands of producers worldwide to warehouse, repackage, blend, dilute, transport and sell those materials safely to more than 100,000 customer locations across approximately 115 countries.

10-Year Financial Summary (Recent/Average)
Revenue: $9.5B/$9.1B, with 3 declining years and 15.4% YoY growth
EPS (USD): 2.69/0.13, with 3 declining years and 767.7% YoY growth
BV (USD): 12.78/8.87, with 1 declining year and 23.6% YoY growth
FCF: $179M/$150M, with 5 declining years and 55.7% YoY growth
Company does not pay a dividend
Share Count: Increased 74% 

To value the business at the current market price the company would need more than a 14% per year growth for the next 10-years

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1494319&owner=exclude