National Vision (EYE): Cheap Valuation, Limited Upside Unless Fundamentals Improve
National Vision trades at a sub-$1.5B enterprise value and an EV/EBITDA of ~8.2. That valuation looks attractive against its store footprint and positive free cash flow, but thin liquidity, weakening same-store dynamics and compressed margins argue for a cautious, mid-term swing trade. Entry $16.50, target $22.00, stop $15.00.