YETI has experienced strong growth in recent years due to its cult following for durable, high-quality products. Direct-to-consumer sales increased 31% during the pandemic, demonstrating growing brand awareness. Future revenue is projected to increase 19% through expanding into new markets domestically and internationally. The company is considered fairly valued at its current share price relative to an estimated value of $44.65 per share based on financial projections.

1. YETI Holdings Inc. (NYSE: YETI)
Company Valuation

2. 2
Marcus Hampers
Union College '22
Economics and Sociology
Hitesh Jonnalagadda
Mahindra University '19
Computer Science &
Engineering
Emily Egan
William & Mary '23
Classical Studies & Finance
Omar Ahmed (Nemr)
Middlebury College '24
Neuroscience
Natalie E. Howard
Haverford College '25
Economics or Physics
MEET THE TEAM

3. Cult Following for
Unparalleled Products
§ In the past 16 years, YETI products have become a household staple
§ Durability & thermoregulation are industry-leading
§ YETI held a 29% revenue growth increase from 2020-2021
§ Direct-to-consumer sales increased by 31% ($197.1M) in Q3 of 2020
§ Future revenue growth of ~19%, reflecting projected expansion
§ Increase in online and social media-based marketing leaves YETI in a prime
position to penetrate these relatively untapped markets
§ Tapping into new outdoor recreation verticals
§ YETI should be valued at ~$3.85B, or $44.65 per share, only a
10% discrepancy from the current trading price of $49.62
Increasing Brand
Awareness
Market Expansion
Potential
Fairly Valued
YETI is fairly-valued; with its strong following and COVID-
19 successes, its share price should be valued at $44

4. § YETI held a 29% revenue growth increase from 2020-2021
§ Direct-to-consumer sales increased by 31% ($197.1M) in Q3 of 2020,
demonstrating the effect of the pandemic on brand awareness
§ Future revenue growth of ~19% will reflect expansion to new
domestic geographic regions, as well as international markets
§ A recent shift to online and social media-based marketing leaves YETI in a prime
position to penetrate these relatively untapped markets
§ Diversifying into new outdoor recreation verticals
§ YETI should be valued at ~$3.85B, or $44.65 per share, only a
10% discrepancy from the current trading price of $49.62
Increasing Brand
Awareness
Market Expansion
Potential
Fairly Valued
YETI is fairly-valued; with its strong following and COVID-19
successes, its share price should be valued at $44
§ In the past 16 years, YETI products have become a household staple
§ Durability & thermoregulation are industry-leading
Cult Following from Unparalleled Products · Increasing Brand Awareness · Market Expansion Potential · Valuation
Cult Following for
Unparalleled Products

5. 5
YETI products generate excitement by its cult following and top
news media platforms alike
Cult Following from Unparalleled Products · Increasing Brand Awareness · Market Expansion Potential · Valuation

6. In the past 16 years, YETI products have
become a household staple
6
Cult Following from Unparalleled Products · Increasing Brand Awareness · Market Expansion Potential · Valuation

7. YETI exceeds product performance & design expectations
compared to drinkware competitors
7
Vacuum Seal Technology
Condensation No Sweat™ TempShield™
Durability 18/8 stainless steel 18/8 stainless steel
Warranty Limited Warranty Lifetime Warranty
Color Availability 20 colors 33 colors
Personalization
Cult Following from Unparalleled Products · Increasing Brand Awareness · Market Expansion Potential · Valuation

8. Nordic Purple Nordic Blue Bimini Pink
YETI releases seasonal, limited-edition colors, increasing customers' willingness to
pay (WTP) and perceived perpetual need for products
Cult Following from Unparalleled Products · Increasing Brand Awareness · Market Expansion Potential · Valuation 8

9. § YETI held a 29% revenue growth increase from 2020-2021
§ Direct-to-consumer sales increased by 31% ($197.1M) in Q3 of 2020, demonstrating
the effect of the pandemic on brand awareness
Increasing Brand
Awareness
YETI is fairly-valued; with its strong following and COVID-19
successes, its share price should be valued at $44
Market Expansion
Fairly Valued
§ New growth will reflect expansion to the Northeast and West Coast, as well as
international markets
§ A recent shift to online and social media-based marketing leaves YETI in a prime
position to penetrate these relatively untapped markets
Cult Following for
Unparalleled Products
§ In the past 16 years, YETI products have become a household staple
§ Durability & thermoregulation are industry-leading thus creating a high perceived
value in multiple highly competitive market categories
§ YETI should be valued at ~$3.85B, or $44.65 per share, only a
10% discrepancy from the current trading price of $49.62
Cult Following from Unparalleled Products · Increasing Brand Awareness · Market Expansion Potential · Valuation

10. Brand awareness increased during the pandemic
10
Cult Following from Unparalleled Products · Increasing Brand Awareness · Market Expansion Potential · Valuation

11. In 2020, Direct-To-Consumer overtook wholesale to be the
dominant channel of sales
11
Cult Following from Unparalleled Products · Increasing Brand Awareness · Market Expansion Potential · Valuation

12. § In the past 16 years, YETI products have become a household staple
§ Durability & thermoregulation are industry-leading thus creating a high perceived
value in multiple highly competitive market categories
§ YETI held a 29% revenue growth increase from 2020-2021
§ Direct-to-consumer sales increased by 31% ($197.1M) in Q3 of 2020, demonstrating
a change in response to shifting conditions -> % of revenue
Increasing Brand
Awareness
YETI is fairly-valued; with its strong following and COVID-19
successes, its share price should be valued at $44
Cult Following for
Unparalleled Products
Fairly Valued
Market Expansion
Potential
§ Future revenue growth of ~19% will reflect expansion to new domestic
geographic regions, as well as international markets
§ A recent shift to online and social media-based marketing leaves YETI in a
prime position to penetrate these relatively untapped markets
§ Diversifying into new outdoor recreation verticals
§ YETI should be valued at ~$3.85B, or $44.65 per share, only a
10% discrepancy from the current trading price of $49.62
Cult Following from Unparalleled Products · Increasing Brand Awareness · Market Expansion Potential · Valuation

13. Cult Following from Unparalleled Products · Pandemic Winner · Market Expansion Potential · Valuation
Yeti has yet to fully expand into international markets, revenue
growth from the period of 2019-2021 is promising for
international expansion
Net Sales by Geographic Region (in thousands)
2019 2020 2021
United States 873,867 1,025,393 1,277,177
International 39,867 66,328 133,812
YOY International
Sales Growth %
57.48% 39.89% 50.43%
Total Net Sales 913,734 1,091,721 1,410,989
Source: 10K, Seeking Alpha
Yeti's long-term goal ---> International sales as 20% of total revenues

14. 14
Cult Following from Unparalleled Products · Increasing Brand Awareness · Market Expansion Potential · Valuation
Yeti's distribution network and retail locations leaves room for expansion domestically
and internationally; expansion into the Northeast and West coast as a driver of future
revenue growth
Source: Yeti

15. Yeti continues to diversify products into recreational verticals,
appealing to new customers
15
Cult Following from Unparalleled Products · Increasing Brand Awareness · Market Expansion Potential · Valuation
Source: Yeti

16. § In the past 16 years, YETI products have become a household staple
§ Durability & thermoregulation are industry-leading thus creating a high perceived
value in multiple highly competitive market categories
§ YETI held a 29% revenue growth increase from 2020-2021
§ Direct-to-consumer sales increased by 31% ($197.1M) in Q3 of 2020, demonstrating
a change in response to shifting conditions -> % of revenue
Increasing Brand
Awareness
YETI is fairly-valued; with its strong following and COVID-19
successes, its share price should be valued at $44
Cult Following for
Unparalleled Products
§ New growth will reflect expansion to the Northeast and West Coast, as well as
international markets
§ A recent shift to online and social media-based marketing leaves YETI in a prime
position to penetrate these relatively untapped markets
Market Expansion
Fairly Valued § YETI should be valued at ~$3.85B, or $44.65 per share, only a
10% discrepancy from the current trading price of $49.62
Cult Following from Unparalleled Products · Increasing Brand Awareness · Market Expansion Potential · Valuation

17. 17
In light of the market's current fair valuation, the
firm's shares should be valued at $3.85B
YETI key financial valuation metrics
Key results
• Risk-free rate: 3.2%
• Beta: 2.46
• WACC: 15.1%
• Terminal growth rate: 3.00%
• Terminal forecast year: 2026
• Tax rate: 25.00%
Cult Following from Unparalleled Products · Pandemic Winner · Market Expansion · Valuation
2026 revenue
Company value
Price per share
$44.65
$4.31B
Financial assumptions
$3.85B

18. 18
BEAR
Terminal Growth Rate: 2.75%
Gross Profit: 52% in 2022
SG&A (as % of revenue):
31.6%
Share Price:
Scenario analysis of key assumptions presents various valuation
outcomes.
$ 23.51 $44.65 $65.66
BASE
Terminal Growth Rate: 3%
Gross Profit: 56% in 2022
SG&A (as % of revenue):
33.6%
Share Price:
BULL
Terminal Growth Rate: 3.25%
Gross Profit: 58% in 2022
SG&A (as % of revenue):
35.6%
Share Price:
Cult Following from Unparalleled Products · Pandemic Winner · Market Expansion · Valuation

19. Appendix: Table of Contents
• 21 – Design and Colours
• 22 – Awareness By Region
• 23-24 – Q1 Results
• 25-26 – Historical Results
• 27 – Net Sales By Geographic Regions
• 28 – Direct to Consumer % of Total Sales
• 29 – Net Sales By Channel
19
Appendix

20. YETI exceeds product performance &
design expectations compared to competitors
20
YETI Hydro Flask
Appendix

21. AWARENESS BY REGION
21
Appendix

22. 22
Appendix
Click to add text

23. 23
Appendix

24. 24
Appendix

25. 25
Appendix

26. 26
Appendix

27. Total and DTC Sales (in $ Millions)
27
37%
42%
53%
56%
Appendix

28. Net Sales By Channel 2017-2021
28
Appendix

29. Cult Following for
Unparalleled Products
§ In the past 16 years, YETI products have become a household staple
§ Durability & thermoregulation are industry-leading, thus creating a high perceived
value in multiple highly competitive market categories
§ YETI held a 29% revenue growth increase from 2020-2021
§ Direct-to-consumer sales increased by 31% ($197.1M) in Q3 of 2020, demonstrating
the effect of the pandemic on brand awareness -> % of revenue
§ Future revenue growth of ~19% will reflect expansion to new domestic
geographic regions, as well as international markets
§ A recent shift to online and social media-based marketing leaves YETI in a
prime position to penetrate these relatively untapped markets
§ Diversifying into new outdoor recreation verticals
Increasing Brand
Awareness
Market Expansion
Potential
Fairly Valued
YETI is fairly-valued; with its strong following and COVID-19
successes, its share price should be valued at $44
§ YETI should be valued at ~$3.85B, or $44.65 per share, only a
10% discrepancy from the current trading price of $49.62
Cult Following from Unparalleled Products · Pandemic Winner · Market Expansion · Valuation