The thesis in a breath: A de-levered, cash-gushing, connected-TV compounder trading at ~10.5x next year’s EBITDA and ~15x free cash flow — a multiple that, run backwards through the cold machine, prices in barely three percent growth forever against a CTV engine compounding at thirty. You are charged for the funeral and handed the wedding free. The risks are real — a take rate thinning year by year, two buyers who are nearly half the book, the eternal middleman’s curse — but the asymmetry (≈‑40% down, ≈+50% up, plus a free Google antitrust option worth ~$2.40 a share) is the kind of mispriced bet the patient and the slightly mad get rich on. Base case ~$19, bull ~$28, bear ~$11, plus the option...
