In short: Black: one of the few companies with unadjusted GAAP earnings — "what you see is what you get." 801 stores (Anthropologie, Free People, Urban Outfitters) + the Nuuly rental subscription ($568M revenue, >500k subscribers). His model: $6.66B revenue (+8%), $6.14 EPS; ~11.5x for 20%+ EPS growth, 17.7% ROE, FCF up to $400M; excellent inventory turns, net debt/equity 0.34.
Black likes that Urban Outfitters reports honest, unadjusted numbers — "what you see is what you get." Three store brands target three demographics (Urban Outfitters for young adults, Free People for bohemian 18–34s, Anthropologie for higher-income women), and Nuuly — a clothing-rental subscription with over 500,000 subscribers — is the growth kicker. His model has earnings growing 20%+ while the stock trades at ~11.5x, with excellent inventory management and up to $400M of free cash flow this year.
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.