Ulta Beauty Stock: Durable Growth Business, But Fully-Priced

Ulta Salon, Cosmetics and Fragrance Retail Location. Ulta Provides Beauty Products and a Salon.


Article Thesis

Ulta Beauty (NASDAQ:ULTA) is the leading operator of beauty chains in the United States, with 1,318 stores across the country. Although the business is maturing, Ulta still has several levers for continued shareholder returns: incremental store growth, on which they

Ulta Beauty store growth

Ulta Beauty new store growth (Author’s own work)

Ulta Beauty Same-Store-Sales growth

Ulta Beauty SSS growth (Author’s own work)

Ulta Beauty share buyback

Ulta Beauty Buybacks ($mm) (Author’s own work)

ULTA vs SBH EV to Free Cash Flow
Data by YCharts

Ulta Beauty EPS growth

Ulta Beauty EPS bridge (Author’s own work)

Ulta Beauty reverse DCF

Ulta Beauty reverse DCF (Author’s own work)

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