ODDITY Tech Ltd. Class A Ordinary Shares (ODD) fair value

ACCE thesis

ODDITY Tech sells personalised beauty products and a consumer-facing beauty technology platform, using its proprietary data and AI-driven recommendations to build a catalogue of cosmetics and skincare sold largely direct to consumers. The bull case rests on a 70% gross margin, which is well above typical beauty peers and suggests strong pricing power and a direct-to-consumer model that keeps intermediaries out. The near-term problem is top-line contraction: revenue is down 25.1% year on year, and operating margin has slipped to -0.7%, so the margin advantage is not yet reaching the bottom line. At a trailing P/E of 100.7 and a 5.1% return on equity, the market is pricing in a recovery that current figures do not show. The stock scores 39/100 and sits outside any major index, so the case for a deeper look depends on whether revenue stabilises while the gross margin holds.