Madara Cosmetics struggles to return to high operating margins - primary attraction before. Revenues also dont help.

https://void.cat/d/VuY6gx71MFzW4P2HFtsvd7.webp

https://void.cat/d/8YgKUdwMhhPKNUhEhkd5Uv.webp

Haven't listened to last webinars, but my guess is that they have gained sufficient scale and hit competitive ceiling. 18.9 EV/EBITDA unjustified imo.