I agree on Vince's points on illiquidty discount, owner-operator discount (especially with the related party transactions), etc.
Another reason for cheapness is customer concentration. They are toast if Miller Coors goes away. So you have to get comfortable with that - risk of customer loss, moat, etc.
Of course this can be opportunity too. A new customer moves the needle a lot more. What if they land Annheuser Busch, for example?
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