Birkenstock's valuation and the importance of intangibles

Birkenstock's valuation was analyzed, highlighting the significance of intangible assets such as brand name, management, and external partnerships. The brand's history, strong management decisions, and collaborations, like the endorsement by Barbie, contribute to its overall value. The evaluation demonstrated that intangibles are already included in an intrinsic valuation based on earnings power and cash flows. Additionally, the discussion emphasized the need to consider the impact of intangibles on a company's bottom line through a sensible and evidence-based approach.