Maravai LifeSciences Holdings (MRVI)
Pitch Summary: MRVI has cratered to a ~$550M EV (~$2.26/sh), ~3x guided 2025 “base” revenue, after management assumed zero high-volume CleanCap sales next year. The base business (~$190–200M of largely recurring nucleic-acid reagents and biologics safety testing) is sticky, high-margin, and plausibly worth the current EV alone. Operating expense masks profitability: roughly half is core […]
