Valuation Debate Amid Severe Share-Price Decline

Coverage highlights a wide gap between a $139 narrative fair value and an $86.20 DCF estimate, reflecting sensitivity to cash-flow and recovery assumptions rather than resolving the outlook. Recent buy-or-wait commentary emphasizes weak margins and the tariff refund’s effect on reported earnings; Robeco’s reported 84.5% stake reduction adds a concrete institutional-selling datapoint. A Dutch Bros comparison’s roughly $1.3 million LULU free-cash-flow figure appears erroneous versus roughly $1.3 billion cited elsewhere.