If you ignore the overseas business MMM trades on 20-30 ev/ebitda multiple on the domestic business alone. This stock is crazy cheap at these levels. There is no first mover advantage in meals kits given no network effects. Room for multiple players. Huge grocery TAM. Once the asset base is built out MMM could easily pivot to groceries. There is some moat to owning the last mile delivery...
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If you ignore the overseas business MMM trades on 20-30...
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Mark Waller, MD
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