QRTEA - Qurate: Minimal Capex Retailer Underpriced By 373%

• Quarte is a pioneer of teleshopping, but has adapted to the secular shift towards digitalization with 60% of revenues derived from e-commerce as cable TV declines.
• It has recently expanded into video streaming with popular video streaming platforms to capitalize on rising internet adoption and could help it expand internationally.
• While its popularity compared to other competitors is low, it is actively trying to build on its value with new premium and emerging brands across a range of product categories.
• It operates a lean business model with high customer loyalty and low capex requirements leading to solid stability and positive cash flows that are undervalued.

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