Behind the video
Hims & Hers Stock Pops 13% on Peptide News
The thesis, the calls, and the words behind them. Play a quote to hear it in the original video.
Overall SentimentBullishStrength: 85%
Overall Thesis
Hoium endorses Hims & Hers as his largest portfolio holding and sees a compelling valuation if growth accelerates. Peptides, international expansion and a broader personalized healthcare platform could improve subscriber growth and support substantial valuation expansion.
Narratives
HIMSHims & Hers Health
Strongly BullishHoium remains constructive on his largest holding as Hims & Hers expands its specialties, international footprint and data-driven treatment platform. He considers the valuation compelling if growth returns and presents a conditional scenario for a much higher enterprise-value-to-sales multiple.
Key Arguments
- Peptide availability could attract subscribers and expand the platform's treatment options.
- Labs, integrated health data and personalized treatments could reinforce customer engagement and platform value.
- Eucalyptus expands the company's reach into Australia and Japan.
- Subscriber growth may continue recovering, while higher-priced branded weight-loss treatments could raise revenue per subscriber.
- An enterprise-value-to-sales multiple of 3.4 leaves substantial potential for valuation expansion if growth accelerates.
Risks acknowledged
- Revenue growth has slowed and margins have moved in the wrong direction.
- GLP-1 compounding restrictions created difficult comparisons and pressured subscriber economics.
- Peptide regulatory recommendations still require further action before products can launch.
- Low-priced peptide treatments may contribute less revenue per customer than weight-loss treatments.
Hedges & Caveats
- FDA panel recommendations do not authorize immediate peptide compounding; product launches may wait until 2027.
- Revenue growth has decelerated and margins have deteriorated.
- Changes to GLP-1 compounding affected subscriber growth and revenue per subscriber.
- Peptides are an incremental improvement rather than a game changer and may carry low monthly prices.
- The valuation expansion scenario depends on growth reaching 50% or more over the next year or two.
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