There are companies around that are fully comparable to MCE from...

There are companies around that are fully comparable to MCE from a business performance point of view. The problem with the latter, like COH, is that they trade at a premium to intrinsic value, not at a discount like MCE. COH's share price performance has not been spectacular over the last five years or so, simply because it has gone from being extremely overvalued to just significantly over valued. Still an absolute top class company. Same with Walmart. Over the last ten years share price has been pretty much in the same spot whereas they have increased their earnings by 10-20% p.a. In p/e terms they have gone from 40 to 12. Ten years ago they were extremely overvalued based on any decent valuation model. Now they trade below IV. No one loves them (=buy).