This is the story of how I missed out on a 4x bagger in less than 18 months; all because of uncomfortable undies.

In July of 2023, I posted this on Linkedin…

Just 18 months later, the share price went on a tear! 

So what happened? 

EBITDA margins lifted 3% through cost discipline, and the business was still able to grow revenues by 30%. In other words – it transitioned from unprofitable growth to profitable growth. 

In this financial teardown, I’m going to break down:

• What the business does 
• What happened to the stock price 
• Why I didn’t invest 
• The bull case 

What is Step One? 

Step One is a sports-focused underwear brand. 

It was founded by this guy…