Cryoport: A Levered Refrigerator Manufacturer Trading At A Tech Multiple, $10 Price Target (NASDAQ:CYRX)

I have written on Cryoport (NASDAQ:CYRX) before, highlighting the total lack of a moat in the base business. Since that report the company has made two acquisitions, in competitive deals, that show the multiple is massively out of whack with what other buyers are willing to pay. In addition the sell side has run the stock up on the theory that CYRX will be a beneficiary of the COVID 19 vaccine distribution effort. This narrative is without merit, Pfizer (PFE) and the CDC have completely discredited the Sellside analysts interpretation here.

Below I will highlight that CYRX has morphed from an oddball ultra cold storage shipping service into a leveraged appliance manufacturer. The upside risk of vaccine distribution is extremely low, and that the likely outcome is that shareholders wake up next year with the realization that they own an appliance company trading at ~92x EBITDA. The downside scenario is

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