A primary research project designed to find out whether Primark's margin reset is a cyclical markdown cycle or structural share loss to Shein — and whether Continental Europe is bottoming or still falling.
The market treats a 20%+ North American margin by 2027 as a scheduling problem. The back half of this integration may decide otherwise.
HOG betting its turnaround on a cheap entry bike. The strategy assumes a dealer network that's quietly falling apart can still sell volume. We're not sure it can.
The asset-light premium assumes operators absorb the strain. Operator relations just hit a survey low. We think the model itself is the live question.
The balance sheet is pristine and the stock is washed out. The only question that matters is whether the home-market brand is softening — or breaking
