ODP Corporation: A Busted Story, But Not A Broken Business

2025-07-11 08:07:33 ET

Introduction

This ain't necessarily gonna earn you cocktail party credentials. It's a slow, ugly, overlooked office supply distributor with a weary brand and declining revs. This is a skin-level story. You glance a little further on, though, and you see something better: a better B2B distribution company buried under a mountain of retail trash, a better-than-expected logistics system, and a 5x EBITDA priced stock with a clean sheet. You essentially have a broken story with a half-reasonable plan and plenty of things going pear-shaped that don't necessarily all have to continue going pear shaped....

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