LK - No Luckin Coffee Is Not 'Too Cheap'
There are investors out there who believe Luckin Coffee (LK) is too cheap, even considering the extraordinary circumstances surrounding the business. I sympathize with those investors — but I don't agree with them.
On paper, I can see a bull case. Luckin raised some $865 million in cash in January. At Thursday's close of $2.06, it has a market capitalization of $650 million. We don't have anything close to updated numbers, as Luckin still hasn't released fourth quarter 2019 results. But given disclosed balance sheet as of the end of Q3, as reported