1. Crocs has regained brand recognition in recent years, with strong Q4 revenue and high margins; 2. The HEYDUDE brand is yet to stabilize; 3. CROX's history is turbulent with fluctuating brand popularity and earnings, presenting asymmetric downside risk; 4. The stock's P/E ratio suggests it's priced for a stagnating brand, with a 9% upside potential to a fair value of $116 in a DCF model.