Ann: Notice of Initial Substantial Shareholder from WOW, page-21

Yep, based on HelloFresh EBIT margin of ~10% currently.
Let say MMM can get there too long-term, to 10-12%.
Let say $400m revenue grows to $800m over next 5 years (big call, covid has been a massive windfall).
Fwd EBIT would be ~$80-$100m.
Current $450m market cap + $100m debt ~ call it $550m EV
So you're paying 5-6x future EV/EBIT on MMM.
I mean that's pretty reasonable actually...
But there is a lot of executional risk - HelloFresh is operating a very different scale to MMM.
x10 revenue compared to MMM.
So even if you believe the revenue growth, it's very hard to see 10-12% margin too.
But it's not crazy at this value...