National Vision shares set up for back-half inflection, says William Blair

National Vision shares are down over 50% since the company reported Q4 earnings and provided an initial outlook for 2023, William Blair the analyst tells investors in a research note. . Between an accelerated pace of retirements during the pandemic and doctors that have requested more flexible and fewer work hours, the company is "leaving money on the table by simply not having doctors to perform exams," the analyst tells investors in a research note. The firm estimates National Vision will need to hire a total of 400-450 new doctors per year over the next five years. It thinks the shares are set up for a "meaningful back-half inflection" as capacity constraints ease. The current valuation of 10 times initial 2024 adjusted EBITDA estimate is well below the historic average of 15 times, notes Blair. It keeps an Outperform rating on the name.