This analysis covers Chewy's Q2 earnings report, noting that net sales grew by 9% year over year, exceeding guidance at $3.1 billion. Strength is attributed to their Autoship program, particularly in consumables and health categories, which accounted for 83% of net sales. The strength of the Autoship program anchors Q2 net sales performance. It also mentions that the hard goods business grew over 15% in the second quarter, driven by structural volume growth. Analyst has calculated an intrinsic value of $57.53, and with a margin of safety it is still undervalued.