From a big-picture perspective, Walgreens Boots Alliance (NASDAQ: WBA) is pretty easy to understand. It is a pharmacy.

But there's a lot more to this story than meets the eye. Investors have soured on the stock in a big way given that it is down nearly 60% from its 2015 high-water mark. Here's a look at what's going on and why Walgreens might end up a long-term winner.

In 2014 Walgreens bought Alliance Boots to create a global retail pharmacy business. Between 2014 and 2018, revenue grew fairly quickly, driven by the merger, but then started to flatline. Leverage jumped after the merger and has remained well above pre-deal levels. The merger just doesn't appear to have lived up to expectations and investors reacted as you might expect.

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Source Fool.com