Ethan Swope/Getty Images News Despite only recently having its IPO, Birkenstock (NYSE:BIRK) is a brand that has survived for hundreds of years, since the company was founded in Germany in 1774 by Johann Adam Birkenstock. The company, however, is no longer controlled by the Birkenstock family, but instead by L Catterton, a private equity firm backed by Bernard Arnault's LVMH (OTCPK:LVMUY). It bought a controlling interest in the company in February 2021, in a deal that valued the company at about €4 billion. While the company has grown significantly since then, we don't believe it justifies the value of the...