We first made OMC a Long Idea in May 2018 and with an even cheaper valuation, it looks even more attractive today.

OMC has the cash to survive the current disruption to operations, with $2.7 billion in cash and equivalents on its balance sheet at the end of 1Q20.

After falling 32% YTD, OMC now trades at its cheapest PEBV in the history of our model.

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