Gamestop (NYSE:GME) looks remarkably cheap by all traditional measures, the company trades for about five times cash flow, has no debt, and has a cash-rich balance sheet. However, this rock-bottom multiple comes with good cause. The ecosystem for this company continues to erode. As gaming at large moves away from retail middlemen like GameStop, and toward a direct download or streaming model, the company doesn't look positioned for a rebound anytime soon.

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