Valuation is valuation. According to the EFFICIENT MARKET HYPOTHESIS, whatever price a stock is trading at at a given time is the 'EFFICIENT" price based on all known information, as "market players"(as I have stated this is BS, as this game involves corruption and collusion by those who manage money).
So....what would have to happen while Deckers opens another 87 stores WORLDWIDE and grows its product lines, is sales would have to go down 50% between NOW, this very moment/second in our lives, our very short lives....and 24 months from now when UGG PURE will be more than 50% integrated providing us with the double digit profit margins; our earnings will still be the VERY SAME as they are TODAY!
So what am I saing. I am saying WS is clearly acting THE FOOL by ignoring the obvious; that a company opening 87 more stores worldwide over the next 24 months, after opening more than 40 this year alone, will very unlikely see a decrease in sales of 50%.
So basically, and I know I am rambling here....we have arrived at a price point where the odds are now almost 100% in our favor. This is the name of the game....when the hunter smells the kill. We might now jumpon earnings. but I really have a hard time seeing us go much lower based on the information and "efficient market hypothesis".
This is check mate, AA, Royal Flush, whatever one wants to call it. This is the booboo of the market.