Is HIMS Just A GLP-1 Stock? Deep Dive on the Disruption of Pharmacies + Why Is Valuation So Low?

Hims - Just a GLP-1 story? Nothing else? Stock is so cheap. hello everybody so today I want to talk about HS HS the stock is down 7% since yesterday and it's largely because the market is thinking that him is just a glp1 story and nothing else and so of course yesterday you had an announcement from Lily saying they were dropping by up to 50% some of their entry level uh glp once and as a result of that a stock like him took a dive of minus 7% other companies in the sector also took a di but I just want to point out that H is just a stock that's been thrown around around different narratives by short sellers by many retail investors by a lot of online communities um and I I I think I mean it doesn't phase me to me it's it's it's it's it's rather unfair but you know it's our opportunity in my view to buy this stock cheap and and and because it's unfair to call hm like a just a gp1 story I think and it's unfair back in the day they used to call this stock just a Ed uh pill company I thought that was unfair too just because it's unfair let me just do myself my own unfair comparison so I'm going to compare him to Lily and I'm going to compare it to Novo Nordisk right the two companies that are maker of glp ones you know of course it's an unfair comparison because Lily and Novo are proven companies large established shows uh uh you know proven companies with investment grade rating things that are in the indices so you can't really compare but I'm just going to do it anyway for a fun of it and when you do it anyway for a fun of it let's just take uh Enterprise Value over Revenue you can see that him is trading at about five times EV over uh revenue and Lily is trading at 80 times EV over Revenue 80 times sales 83 times sales is what Lily is trading at 59 times sales is what noo is trading at so where's the nose bleed valuation in my view well in my view it's clearly it's clearly noo the noo these companies really you know they do well because of their patents and it's an established industry but but nonetheless the more volatile player in my view is him and where is the money to be made at in my view just for me no investment advice but just for me that is H that is a small company it's easy to see a small company go from a $3 billion Enterprise Value to a 20 or 30 billion and that's how you get a get a 10 bagger um also him is cheap not only compared to what it's being compared to right for gp1 story it's cheap compared to gp1 maker drug maker but it's also cheap compared to just about any other stock and this was my video from yesterday where I cover this where you can see that HS is the absolute cheapest stock out of all of the stock that I cover only suck on um Stone even stone is suck on to him but comparison really as cheap as as Stone beh hims is slightly cheaper and growing faster so this stock as far as me analyzing comp Stock price is overly driven by narrative companies I can't find anything cheaper and you know now it's a GP gp1 stocks before people online and the internet they were quick to call it just an ed pill company and they were using less less respectful WS throwing it at the company saying oh this is just what you do just dismissing what this company does just you know you you know not taking them seriously and that's why that stock traded down to three bucks narratives drive a stock and if you've been following for channel for a while you know that well a I'm a long-term investor all of these stocks I want to own for at least 10 years I'm not selling this stock anytime before 2030 you know provided there's no catastrophe on their end but as long as everything looks good I'm going to keep it and so that's why I didn't sell at 24 to buy back at 17 or 18 I think it's a game that you can win you know five time 10 times but one time but one time you don't win it that can entirely hurt your returns or at least that's my style of investing some people may be better at Trading ground positions that I am this is not what I do I look at this stock as a very long-term hold and this is how I've historically defined the stock the stock I've defined historically as this Hims is a new vision of healthcare: Total care. Totally different. you know little kind of joking uh math equation style writing it him H is what it's a doctor right an e doctor a digital doctor plus a digital Pharmacy put together minus insurance this is how I've Define it right there's a doctor there's a pharmacy it's only in one price you know it's Innovative it's a subscription the price of a subscription cover of a provider visit and the insurance is out of the way which means that if there's no insurance out of the way you can see a provider in 24 hours or 48 Hours you don't have to worry about the pricing you know you know what you're going to to be paying you know how it's going to work him um in their latest annual report this is what they introduced and I think it looks really good their motto I hope that's going to be your moto because it's a pretty good one Total Care totally different I like it very much I like it very much Total Care totally different um this is a much more customer friendly way to say really what I'm trying to mean here but because of course e electronic what I mean is digital right is the digital is the way of the world is the way we're headed um and and and this is a great way to to put it into perspective I love V Moto whoever came up with v Moto at H is really good so why is H different orever Comparing Hims to the pharmacy industry, legacy pharmacy debts and the tipping point to bankruptcy should I say what would I compare him to or what industry would I place HS into because I don't place it as a glp1 story to me H is not a gp1 story whatsoever it is just the hype of the moment right of course that's good they're launching gp1s you know the the the Insiders are happy their stocks are more valuable because of glb1 all of that but over the long run glb1 is it's just one product it's just one product maybe that product is going to be as big as Ed maybe it's going to be as big as SSRI which is you know kind of psychology segment that's that's depression anxiety that's also going to going to be big maybe it's going to be as big as what we're planning on introducing next like diabetes management think about how huge that would be you know heart disease uh testosterone treatment they have huge markets coming up gp1s are just one market for him I want to talk about who we're competing with so to me him comp comps to or and or competes with big Pharmacy big Pharmacy chains um and what they what him does in my view it's it's it's like a big Pharmacy but with something extra special with a Twist so what is the twist right right well you go to the pharmacy you say I want a drug and today it's it's it's it's it's entirely plausible today that people do their own research you know it's kind of like real estate you if you look for a house you're going to go online and research it yourself you know often times doctors you know the information about drugs is out there you may know what you need you may know your symptoms better when you explain them and you may know what you need but of course uh you still have to see a doctor you still have to see a provider because these these these RX they're regulated so the way this works of course is that seeing the provider whether it's whether it's a nurse practitioner the physician assistant the medical doctor seeing that provider that is covered by your subscription cost if you end up being prescribed the drug if you're not prescribed the drug you don't pay if they don't bill you if a provider says No actually that's not what you need you know what actually your problem is a little bigger than whatever drug you thought you needed you you have a little bigger problem let me refer you to someone else so I'm sorry I can't help you right it happens providers sometime do that it is it is their own um judgment that lets them do that well if the provider tells you no you don't get charged isn't that beautiful meds are often cheaper than co-pays they're cheaper than co-pays in many cases you know unless you're a little sneaky in the way you walk with phes and you go with G good RX and you pull up the good RX app and you try to say oh look this is cheaper why don't you use this coupon you know there's often it's it's very non-transparent the way drugs are priced H makes it very transparent makes it very quick and that is that has a lot to do with the fact that there is no insurance that are used and so it doesn't drive up for costs um and they only provide more commonplace more profitable more mass scale products and that is why I I believe they are a serious threat they are serious disruptor very disruptor because they're focusing on the most profitable items we're focusing on the 20% of the actions leading to 80% of the results I also think the way they approach prescrip descriptions is a little more ethical and let let me let let me explain to you why and and and of course this matters to a lot of 21st century customers um why do I think this is kind of a better way to do it well if you live in a traditional world and a visit cost $200 in some areas it's more but let's just assume it's 200 bucks um you know I've I've seen doctors visit go as high as 500 in some areas but anyways let's assume it's 200 um if you pay $200 for a visit and you have to see a doctor well there's two things that may happen a the dock you know they see you so they may feel pressured to do something they they may feel pressure like they have to do something to help you even though they know you don't need help even though you're good they still going to feel pressure to help you some not all but I'm saying it's a possibility um so that you don't feel bad about paying that $200 and on the other hand as a patient you may be upset if you pay for a visit and then nothing happens from that visit because the doctor uh finds out that actually you don't need what you thought you needed or the doctor says is not confident about your case and the doctor wants to give you a referral and that that that Pro prolongs the process that increases the cost um so because of that I think it's more epical you know if you know if a mechanic looks at your car and there's nothing they can do to your car to me the best way to handle it and many small M and pop garage do it like that the mechanic looks like looks looks at your car they can't help you they just tell you sorry I can't help you and they don't charge you $200 well it doesn't work like that in medicine and I think doing it that way is a better way to do it so Point number one right also um and this is important I I could make the case that online pharmacies are going to be the only type of pharmacies left pretty quickly and you know Amazon Pharmacy sees that coming there's a lot of over online pharmacies of course not just him but I could make the case that especially in rural areas uh um online pharmacies are going to be the only game in town in rural areas because let's ask ourselves a question if you look at there's 455,000 physical pharmacies in the US but let's let's just look at the big groups right the big one let's let's look at CVS right so for example CVS has 9,900 pharmacies their market cap is 73 billion they have 177 billion in debt Walgreens they bought righted by the way 5 years back Walgreens 8,250 pharmacies their market cap is 9 billion and think about the debt ratio the debt is 67.5 billion they have 67.5 billion and only 9 billion in market cap how how are they going to do that how are they going to do that how are we going to be able to roll over that debt at current interest rates poell needs to drop interest rates ASAP because you know I'll give you a hint these 8,000 these 9,000 these 45,000 pharmacies they hire a lot of people and and and often times good paying job especially for the pharmacists so so the The Tipping Point what I call the Tipping Point what does it take for these companies to be hurt well it's not a 50% drop in sales right it takes much smaller like like a teeny tiny drop in traffic if you're overleveraged that can be enough to trigger a bankruptcy that can be enough for you to not be able to meet your debt obligations you know and and and I don't know what went through them when they did all of his Investments not thinking that pharmacies would go online right they should have seen that coming in 2006 2007 be like okay halt we're not building new pharmacies we're going to build warehouses and that's what him does hims has fully automated warehouses for shipping the drugs that's what Amazon does that was that's what all of the him competitors do right like the Romans and the life MD to me that's the way that these things are going to be headed and so if you have a lack of Pharmacy think about the fact that this may be the only way to get drugs right and so the competition is is in a vicious cycle is in this vicious cycle that the competition is in with brick and mortar competition let me move on to another aspect of that I compare him and this is to a lesser extent I really want to make Hims and the disruption of highly profitable, low stakes, easy doctor visits (e.g., an Rx refill) clear that this is to a lesser extent but hims disrupts what I'm what I'm going to call low stakes doctor visit the the more rent seeking part of healthcare you know there're still all over small M and pop doctor offices small M and pop clinics local clinics Etc right uh if you're a doctor being an entrepreneur that's a common way to make a living and there's a lot of those you know I could do the same thing for NPS for example um and these there's kind of a bread and butter uh type visit which is which is the easy visits like those easy visits are the bread and butter they they're an easy way to make money you know if you're a doctor there's there's tough ways to make money you have a patient you have 15 minute with a patient and they come to you with six or seven conditions that's tough or they come to you with a problem and you can't figure out what that is that's tough and that's where those physical doctors are not at risk of being disrupted in my view but when it's simple things like like things like birth control refills Cur outbreak medication yeast infection metform refill I could go on heart health stating refill what whatever like simple follow-up cases right um uh these These are the spots where doctors make a lot of money because they're very quick right and this is what in my view this is what H is going after because while not all doctor offices accept the idea of you just making a phone call hey I'm out of my um you know birth control or what whatever I I obviously don't need birth control but anyways let's say he like hey I'm out of my birth control or whatever and uh and and and they tell you oh well we need a visit you need to come into the office to get a refill right and that's a $200 pay wall or more or less in some areas it could be less but imagine if whenever you need a refill you need to go back to the doctor visit and pay that fee again well that's entirely gone with him because H has a chat box and you can just chat with your provider right they don't make money on the visit side of the section paying for the medication if you're prescribed paying for your medication pays for the doctor and I think that makes that makes a major difference and of course not all but sometimes it's very very tempting for the doctor to multiply the number of visits needed in order to make more money you don't need to do that if your H because you don't charge for a doctor visit you don't charge for the medical advice in the first place and that's obviously the way we're headed with AI with AI and AI doctors the the the knowledge right the medical knowledge the the the the diagnostic the assessment all of all of this gray matter that goes into Healthcare is slowly going to be dematerialized and is slowly not going to have any any value it's going to be free it's going to be free because AI makes it so that this diagnosis become come free these recommender these recommender systems which which H has a recommender system for drugs called medmatch these systems are virtually free there have a cost of electricity they pennies what is not free what is always going to cost something well it is what comes from The Real World from the worlds of bricks and mortars IE the the drugs the RX the prescriptions those prescriptions that's the material product that's the physical product that is going to remain when you start thinking in my view 20 years from now like 20 years from now ai doctors might be prevalent but you're still going to need to physically get the product and buy the product which is why I also see a merger between Pharmacy and doctors because compounds chemical compounds are the leading way to treat people for issues that they are facing so so um all I'm saying is that pop doctor small clinics I think they're going to be fine but uh they're going to have to deal with more problematic diseases and it it it may mean that doctors need more time because uh the easy cases are gone and of course if you if you have if you have a full day as a doctor and you don't have a lot of easy cases uh um and you just have tough cases you see 20 patients and you have 20 tough cases and you have to do write notes and follow-ups and all that sort of stuff for 20 tough cases well that's going to be tougher on the doctors because the simple birth control refill or the simple prescrip prescription refill those visits are not are not there anymore um so that's that's that's another point that that I wanted to make here and I think I think it makes it makes a big difference so hims mostly fory and to a lesser extent a competitor to doctor offices but now that you know where I Let's check on the execution, the numbers, and the long-term story stand when it comes to him let me tell you why I view him as a very long-term Story the numbers speak for themselves Revenue growth is outstanding growing 52% here over a year still to this day and you know that if you follow company since 20 2022 nobody really thought they would still be growing this fast I remember recording videos not that long ago saying oh they just reached a million subscriber they now have 1.9 million subscribers right so they're going to breach that 2 million by the end of a year no issues I don't think they're gonna they're gonna Bridge it no problem and there's an important thing and for people who are into modes this this may this may this may matter to you I I happen to not be a big believer in modes I believe uh when there is disruption the marketplace is is so large that you don't need to engage in rent seeking you you you can just have many companies Thrive uh at at the same time in the marketplace um but that's okay if you if you're into modes and if you enjoy modes I think him has two main modes that make How Hims makes the customer "sticky" the customer sticky which is why this business the valuation of this business in my view should be much closer in line to say a SAS company say say a SAS company that kind of operates in the real world right which which which you know because SAS is getting disrupted by AI which is a another story altogether him is kind of like a SAS company with a physical component is the way is is the way I look at it it's a sticky product it's a sticky product for two reasons because navigating the elf care system and understanding how the elf care system uh works is not that straightforward not that easy especially if you change jobs often especially if you change your insurance often it's not that easy to do that um H makes it easy H makes it at the click of a button like we're used to with Amazon in the Legacy world this is an example I've taken many times talking about HS but in the Legacy world it's not one click and you have a doctor show up on your phone within 24 hours in the Legacy world it's call your insurance or go on the website but most likely the website doesn't work so you get a call then find a primary care provider I'm being factious here but sometimes you wait months sometimes you don't wait but but often you wait wait to see a PCP once you see a PCP visit to the PCP drive there physically and then maybe the PCP is going to be confident in your case enough and they're going toe prescribe you say a Ed PE right the the the the EDP will be prescribed by VP in some cases but maybe they don't feel conf F enough and since since they have their liability to be careful with and they also care about you they say oh wait a minute well I don't really know what to prescribe to you so let me refer you to a specialist and if the PCP says let me refer you to a specialist you know you got another few months to wait because for example in the case of ID be an urologist so they refer you to the urologist and then you go to the urologist you wait four months and then finally if you see the urologist you get your Ed pills so this this could take six six months or you could be lucky and this could take a month but with him you don't have to ask yourself that question with him it's 24 hours so so how many orders of magnitude are we compared to the worst case scenario right let's take the three months or four month scenario 100 days and let's compare 100 days to 24 hours one day so you're 100 times better your two orders of magnitude better that's that's that's the power of a company like him you don't have you you the the the fact that the the Legacy Traditional brick and mortar process is shooting itself in the foot that fact makes it that him has a competitive Advantage without even wanting one it's just you just have a competitive Advantage because you're operating as a modern company founded in the 21st century with a modern entrepreneur who knows the way of modern business that's like the only difference um and the other one which which this one is purposeful for for him you know is the idea that the drug is customized to you and of course the cnics will say oh well you know the CEO they customize the drugs because when you have a customized drug it makes the product more sticky that's a more cynical way to look at it and and and I'm sure that plays in the reason in the reason as to why customized medications would be um in the mind of some Executives but you also have a very clear medical reason I you you know I I I don't understand why I don't know why is ibuprofen 200 milligram does every single human need 200 Mig milligram apren when they have a headache maybe maybe you're a shorter person and you don't weigh much maybe 95 milligram ibuprofen is better for you and maybe you're a bigger guy and and maybe 200 milligram doesn't really work for you but 400 Mig is a little too much and so maybe you need 325 Mig customization just makes a lot of sense and a fully automated automated compounding Warehouse can customize the drugs to people it makes a lot of medical sense in my view we're all different why don't we have customized products we probably should and that's the that's one of the way of the world the products are becoming more and more customized right this is what the folks in marketing have called for decades now onet toone marketing but that's the trend we are headed and of course traditional farma they have to make the most common sizes and and if you know anything about drugs you know sometimes they tell you you got to break a break a drug in half break it in half and stuff like that so so anyways customization makes a lot of sense to me um these two things keep the product s sticky these two points here are why people keep coming back to H and why people stick with their subscriptions to H there is another aspect that I want to emphasize on him and you know let's let's suppose we live in the 21st century and you got to refer to the people who create your top line right the people who pay for the the service that you offer in this case Health um how do you call them do you call them patients or do you call them customers well of course you know the the the 20th century is is all about you know patience uh um you know they're going to find different names for their for for their customers clients Etc but at the end of the day we live in 21st century and in 21st century customers especially younger customer have learned to love what I call the customer Centric era that we've entered Amazon but I could put I I could put Netflix I I I I could put all of these you know WorryFree guarantees all of these businesses started in the '90s a bunch of businesses started offering lifetime warranties all that sort of stuff SE actually believe did a little bit of of that and taught a little bit of a customer to be customer Centric but let's say Amazon and other really modern day companies kind of the anti-is of the rant seeking standard oil for example they've thought the modern-day customer to be a king or a queen and so you've heard you've heard this phrase the the customer is king or a customer is Queen and and and you know of course it makes some some business people upset but it makes the customer happy to be the to to be the king and so I I suspect people also want to be Kings and being patient doesn't doesn't sound as good as being a customer being a patient implies you have to being a customer implies you choose to and speaking of that let's let's go through simple examples and that's the advantage that you get in compounded medication in customized medication so let's assume you are a male customer who and you have Ed right let's let's assume that probably not very you know Pro probably very unfortunate and you probably don't feel very happy about that if that happens and so what do you prefer do you prefer armless mint in this format Steeler RX right compound active compound medical product prescription you still have to see someone but do you prefer that or do you prefer Viagra I mean I mean this this has entered popular culture like this has entered popular culture as as as a well-known thing and and and and I think the customer definitely wants that I could I could go on Beyond The Ed let's let's talk about let's assume a patient has multiple conditions right unfortunate sometimes but sometimes you have to take multiple pills a day what would you prefer having a compounded drug like this just one pill you take one pill and it's got multiple compounds or would you prefer to take two different pills and of course um here this medication includes those two pills compounded and customized to exactly what you need in one and if you go on the hims website you go they go up to five they they mix up to five different compounds in one single drug easy to take because what happens is and that's why we have things like like pill packs and people sometimes get get pill packs you know when you have a Monday Tuesday F anyway your dates and your pills and they are pre-sorted all all of this can go away the the risk of patient urance the risk of skipping appeal you know and how many people have skipped if you're on medication how many people have skipped appeal but by mistake or something that risk goes way down if you have something simple and you just have to take one pill and it includes everything you need so it makes a lot of sense for medical reasons and it's not just in my view it's not just a reason of of oh if you have a customized drug people are not going to switch because it's customized to you there is also a pro consumer reason there's also a reason why it's better for a consumer and consumers they don't like to be rent sick they don't like to be taken advantage of the modern day consumer they want a product because that product is beneficial nobody likes to feel like they're getting ripped off and when you see a company like him that throws these growth numbers out there the customers in My View From what I understand and from my reading about this company the customers are pretty happy with the service that we're getting now moving on Behind the hood: How Hims creates its gross profits, EBITDA to under the hood to behind the hood right um so I talk less about this I talk a lot of product adoption on this channel and revenue growth um but of course this company has outstanding gross margin very e profitable right which is what I mostly care about so we're earning money and how does that work well because they're highly efficient underhood they have their own facilities that Mass manufactur compounded prescriptions and they mail them and they have two of them they have one in Phoenix one in Columbus stateof the-art so while in the old world to serve 1.8 it's actually pretty pretty easy to calculate because each Pharmacy serves like 30,000 people so to serve 1.9 million people at 30,000 people each right uh um you know how many how many redundancies would you have you know how many hundreds of pharmacies do you need how many redundant tasks need to be done right how many how many people welcoming the customer how many people typing in customer info in the computer right how many pharmacists checking the these efficiencies cannot be achieved with with hundreds of physical stores but hims can achieve that with a fully automated Warehouse on the backand which does the compounding not fully automated but but quite heavily automated you see for example packaging and Machinery as full automation right and they have two Arizona and Ohio and they might have more in in the future right and the front end how do you deal with the front end well this was this is very informative if you read the last shold or later they have been they have been building and they have built their own electronic records management system and and if you know anything about Healthcare you know that you know hospital system Pharmacy they they they very often are quick to use thirdparty software companies to run their business not H H built its own stack like if you follow elf care think about how big private company epic is epic is like running so many different hospitals and so many different doctors offices are being run by epic well I'm sorry but you some of that profit is running away towards epic right if you build your own Software inh House behind the hood you're going to be much more efficient because you don't have to pay for third party Services you don't have to pay for a software and that's where I think H shines they have their own software and so they've been able to implement their own exclusive Innovations such as a rock commer system Med match right and so this you're watching this on YouTube YouTube probably recommended this video to you because it knows you well well the same happens in recommender system for patients right recommender systems are one of the early applications of AI we've become really good at recommender systems and so what's the future is is the future of healthcare you know your IM app pairing maybe with your medical tracking information maybe pairing with your watch maybe pairing with some running app or whatever data you have and maybe maybe maybe you answer a few questions and maybe Med match knows exactly what drug you need right away and all it takes is a provider to double check but everything's okay then click a button be like oh yeah okay that's okay and we should prescribe him that probably that's what it is and it's much much more efficient think about have you been to the doctors in the US before think about how inefficient this is right you drive up you go to a counter window they tell you go upstairs go to another office another building then you pay then they sit you down in the waiting area then you have a nurse coming the nurse walks you in the back the nurse takes measurements that may or may not be needed then then you wait when the doctors work in then you get walked out when they take you out then maybe what you paid is not exactly what you cover what your insurance cover so you have to see a secretary again and then you get something in the mail maybe I mean I mean it's it's it's it's an administrative mess the cost of healthc care as a huge share of inefficiency due to poor Administration you don't have that with a modern it stack and that's one of the reasons why I think H is shining next now let me conclude and The numbers: Guidance, and upcoming operating leverage finish with the numbers where else can we find a company where the numbers look so good this company is a classic case of operating leverage about to kick in and so I'm I'm making some assumption you can look at their guidance you can see your overy year growth for 2024 we halfway from 2024 granted but let's let's assume we we we are looking at this in January 24 you know they had they they had predicted 57 to 61% so they're growing at say 59% um they say they're going to do this year 148 million doll so so and the company right now after yesterday's drop is $ 3.02 billion so that's a that's a pretty cheap company um if if you look at it this way compared to the growth right growth is 59% and the company is still making quite a quite a bit of money so let me just show you what I did here I'm assuming two things I'm assuming revenue is going to keep and I realize maybe it's a bullish assumption but I'm bullish on the company if you follow the channel you know I'm bullish on the company I cover the company 30 times right I'm bullish so of course I'm going to use bullish number take that with a grain of salt and you can adjust down if you prefer to be more conservative but let's assume that the revenue grows at 50% and let's assume that adjusted ebit D grows at 150% right and that that's that's that's not uncommon for a company if it's slow you could actually see ebit da grow 300% when when the company just became profitable but let's just assume that and if we assume that today at the end of 2024 the company is trading at 20x cash flow right ad justed debida which is my my my proxy for cash flow theoretical ibidi yield or cash flow yield is about 5% let's fast forward to 25 right so in 25 the cells grow another 50% and then the iida itself grows 150% so you get 2.1 billion over 370 billion that's 8X so you're paying 8X 2025 iida that's a 12 and a half% uh theoretical forward yield so that's that's getting much better for a company that is still growing extremely fast and for fast forward to 26 right you get a 3.3x assuming you buy the stock today at 3.02 and your theortical forward yield is 30% so this is the type of company that I love to own as a longterm investor right him's at 24 bucks I still buy it but I buy less him's at 14 bucks I double or triple my buys and and and and sure enough I don't think I'm the only one who who sees that and and and this is a company that is qualitatively sound whose business model first and foremost is qualitatively sound and sound and fits squarely into the trends of business of today and whose numbers are great from an operation standpoint and cheap from a valuation standpoint so this is why I I love this company I love to own this company this is now my third largest position him is now my third largest position and I look forward to see them grow even more in my portfolio so this was not investment Do users want to be patients or customers? advice this is just entertainment I hope you were entertained please like Please Subscribe and follow me on X if you can thanks for your support no advice ever on this channel thank you for watching have a wonderful day