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Long Delta Apparel (DLA) - by Edwin Dorsey

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Christopher Lee / christopher.lee@duke.edu

Long Delta Apparel (DLA) Christopher Lee / christopher.lee@duke.edu Edwin Dorsey Oct 09, 2022 13 4 Share Delta Apparel (NYSE American: DLA, $105mm market cap ) is a vertically integrated micro-cap apparel manufacturer. Shares of the company have slipped -51% YTD (-49% in the last six months), and Delta now trades at <4x forward P/E. At this multiple, the company is valued as an undifferentiated legacy business facing a significant drop-off in consumer demand and continued gross margin contraction. The market lumps Delta Apparel into a bucket of consumer discretionary stocks that had a one-time

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