Very interesting writeup. Hard to fully understand the decline YTD. General ecomm weakness, doubts about the future of the Shopify platform, general de-rating across software/internet multiples?
You would think it is very interesting here. The biz prob trades well below the value of all its M&A. It is starting to look reasonably valued on just the underlying FCF with no value attributed to future M&A (looks like mid teens runrate FCF). And valuations of potential deals are way down, improving the NPV of future deals.
Have there been any negative fundamental developments that help explain the selloff?
It will be a bit disappointing if they do no buybacks in C2Q. That will be something to watch for in upcoming results.
Very interesting writeup. Hard to fully understand the decline YTD. General ecomm weakness, doubts about the future of the Shopify platform, general de-rating across software/internet multiples?
You would think it is very interesting here. The biz prob trades well below the value of all its M&A. It is starting to look reasonably valued on just the underlying FCF with no value attributed to future M&A (looks like mid teens runrate FCF). And valuations of potential deals are way down, improving the NPV of future deals.
Have there been any negative fundamental developments that help explain the selloff?