◆ Contrarian Corpus
Campaigns / Spruce Point Capital → FIGS, Inc.
Spruce Point Capital vs. FIGS, Inc.

FIGS, Inc. · FIGS

1 deck published between 2022-09-07 and 2022-09-07 — 113 pages, 113 analysed slides total.

initial thesis

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2022-09-07 initial thesis

    2022 09 64e798916782e9016eea9425_figs_research_thesis_9 7 2022 compressed

    113pp · full_deck

    FIGS is a fading pandemic winner whose founders exaggerated revenue 82% and TAM 135%; at ~4x sales versus 1.2x DTC peers, Spruce Point sees 45%-60% downside to $4.40-$6.05.