$PDD Holdings Inc(PDD)$
PDD earnings are $20b EBITDA this year
EV at $100b at 5x Earnings
Assume they doubled earnings in 3y (26% CAGR)
That's 40b EBITDA
If multiple re-rates to 15x
40x15 = $600b EV
+ $TEMU's $300b
= 900b (basically 1T)
Can't go down. Won't go down. Then when the volume kicks in it flies.
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