Ollie's Bargain Outlet Inc. (OLLI): Takeaways from Management Dinner

We hosted a dinner with Ollie's management team, including Eric van der Valk, President and Chief Executive Officer, and Robert Helm, Executive Vice President and Chief Financial Officer. Following the dinner, we were encouraged by management's confidence in the long-term algorithm and their view that Ollie's remains the strongest competitor within the closeout channel. While the company continues to face headwinds from elevated fuel prices and increased competitive pricing investments, management remains committed to maintaining value gaps through targeted pricing actions and is optimistic about the upcoming seasonal assortment. Ollie's will likely continue to face consumer pressure amidst elevated fuel prices, as its ~700-store footprint is smaller than competitors and offers less convenience, however we view the business as structurally intact. Ollie's is currently trading at a 16.0x P/E multiple (vs. 3 year/5 year historical multiples of 25.2x/24.0x), which we believe underapprecia