Qurate Retail ($QRTEA) - A deep value opportunity
Largest video commerce player that generates decent free cash, all the while priced like it is going bankrupt
Mr Market has priced the company like it would go into bankruptcy (~$0.9-1B in FY22 adjusted income vs current market cap ~$1B). This pessimism comes from 3 factors: Qurate’s largest distribution centre caught fire, which handles ~25-30% of their shipments, their leveraged balance sheet & secular headwinds of people moving on to streaming for their ente…
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