patty_c/iStock Unreleased via Getty Images Investment Thesis Ulta Beauty (NASDAQ:ULTA) is the largest specialty beauty retailer in the US. Since Apr-23, shares have underperformed, with fundamentals deteriorating on a rich valuation. Whilst Ulta best growth years are behind us, at $20bn of Enterprise Value, investors bake in no FCF growth going forward. The cash flow stream from 43m Ultamate members alone is worth $18bn. As we enter a period of potential positive catalysts, I see very limited downside at th ...