Despite a lot of typos (phone is a pos), hopefully the points in...

Despite a lot of typos (phone is a pos), hopefully the points in my original post are clear enough from the surrounding context.

CLB reminds me a lot of MMM pre-COVID:

- Similar business model (subscription-based, B2C food products), albeit CLB seems to be focussing more on the B2B space at present.

- Both have significant offshore (US) operations. In CLB’s case they are totally US centric from what I understand. I see this as a positive as ANZ is a relatively small market.

- Both were (or in CLB’s case still is) in the dog house with investors. MMM was trading at $0.25 (~$35m market cap from memory, with a lot of venture and convertible debt from WTI, WOW, USV etc = EV was probably close to double this) after listing at $1.41 per CDI back in mid 2018. CLB is trading at $0.11, down from its $0.20 IPO issue price in May 2019.

- Both were/are cash burning but are beneficiaries of COVID-19, insofar as their pathways to profitability are being accelerated by the shift to online/e-commerce sales channels. MMM has significantly larger revenues but lower (gross) margins.

MMM is probably an easier (more tangible) story for Aussie investors to get their head around as they have a product in market here vs CLB which is US only. And MMM has a broader target audience.

MMM has risen 7 (delivering 7 bags for the early believers) from $0.25 to $1.75 in 6 months. CLB may not have as much upside, at least not in the short term, but I’m betting there’s at least a few bags in this one.

Cheers