2/ Executive Summary II The merits of the biz are the same they have been since the 2019 initial price run-up -Large TAM -Largest fitness platform -Recurring sub rev -Low churn -Network effects -Significant IP Pretty good right?
4/ Exec Summary IV BW identified 5 areas where $PTON has f**ked up with the finger pointing going directly towards management 1) Lack of mgmt qualifications 2) Poor decision making (ouch) 3) Lack of financial discipline 4) Misalignment of Interests 5) Loss of credibility
7/ The Business Merits Then there’s the market… According to BW: -Global wellness spending of ~4.2 trillion with fitness representing $600 billion – 180 million gym memberships as of 2018 with 62 million in the U.S.
Closing The presentation is NUTS and I rec going through it to draw your own conclusions Biggest takeaway? The amount of existing sub conversion from the likes of $DIS $AMZN or $SPOT to reach value accretion is low An acquisition seems a lot more probable than I thought