Bluestem Group Inc. (BGRP)

[Olmsted]

I think long-term I kind of view this as a grow-topline-with-GDP kind of company.

Over the next couple years though there should be some things management can do to hit mid-single-digit growth
- Add categories to the Bluestem platform
- Increase private label penetration
- Grow out the employer-based credit product

Additionally there are some reasonable bottom-line opportunities I know management is focused on:
- The usual merger synergies (rationalize management, back-office, working capital, distribution networks, renegotiate contracts to reflect scale, etc.)
- Increase drop-ship share
- Leverage Orchard sourcing infrastructure for BGRP private label
- There's other Orchard opportunities they're being coy on...

So I'd say modest revenue growth over next couple years, combined with margin improvement

I'd look to credit partner agreements as main risk to that outlook