I think their numbers are propped up over the last several years by firearms sales. They own no real property. You are investing in a retail brand that in the future will continue to see increased competition online and from Increased expansion of Cabelas and Bass Pro into the Western US.
Sportsman's no online sales presence and I would characterize their current online presence as "pathetic".
Or by this.....
SPWH is a very highly leveraged retailer,
and 35% of the IPO proceeds are going to a selling shareholder, not a good sign for new IPO buyers. SPWH has an accumulated deficit of -$122 million.
Most of the recent revenue growth is from acquisitions.SPWH wants to IPO at the highest P/E of the sector. In the last month the sector has not performed well
