TL;DR: ~$858M market cap. Strip out a ~$268M SumUp stake and net cash and you're paying roughly $731M for the operating business — about 7.7x this year's EBITDA — for a marketplace with 16M+ active customers, ~90% gross margins, and a management team (Pale Fire Capital, ~25% economic owners) shrinking the share count into a float that's ~56% short. I'm long shares and calls, and I published an open letter to the board in May. The five assumptions that drive my model 1. Frequency is the whole bal
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