Lululemon's stock is currently trading at a forward P/E of 17.03 and a forward P/OCF of 11.42, which are considered historically low valuations. Despite a slight slowdown in demand and mixed Q4 guidance, the company's management is buying back shares aggressively, signaling confidence in the stock's intrinsic value. The recent increase in the stock repurchase authorization to $1.6 billion, utilizing most of its cash, suggests management believes the stock is undervalued. This, coupled with a strong market position and positive long-term growth prospects, makes Lululemon a compelling buy.