In this pitch deck, analysts August Jörding, Emil Sköldberg, and Fredrik Sölveland deliver a
comprehensive analysis of Boot Barn. The Company has grown to become the largest Western
and workwear retailer in the U.S., operating 446 stores across 46 states. Dismissing new
customer demographics as a short-term trend overlooks the consistent demand for western wear
and underestimates Boot Barn’s strong unit economics, which presents a compelling opportunity
for investors. By utilizing a DCF, a target price of $234.2, equivalent to a 50% upside, is
justified.
Key Takeaways
● Boot Barn is the leading consolidator in a fragmented $40B market, positioned to achieve
15%+ annual unit growth through 2030E.
● New stores are expected to deliver ~60% cash-on-cash returns, with all stores
contributing positively to EBITDA and an efficient capital allocation yields an 50.7%
incremental ROIC between 2025E and 2030E.
● Gross margins are projected to expand by +200bps, putting the company on track to
reach ~40% by FY2030, driven by exclusive brand penetration, increased full-price sales,
and enhanced purchasing power.