MNDY $1.9mm YOLO (with another $1mm notional puts sold), currently down $737k

MNDY is a SaaS company that has gotten hit far harder than their fundamentals support.

I'm posting this at a time when the trade is looking bad for me, but I still believe and while my cost basis is high at around $85, the current price of $60(ish) is completely detached from fundamentals. Here's my thesis:

Current Market cap: \~$3 billion

Net cash on hand: \~$1.5 billion

EV: \~$1.5 billion

Short % of float: \~13% (relatively insignificant and not important for this thesis)

Estimated FCF for 2026: $280mm

Forward PE: \~14

Forward EV/FCF: \~5.5

Projected growth: 18%-19%

Authorized buyback program still has $750mm available to buy shares back (enough to buy back 24% of the entire company at the current price)

They have $29 per share in cash with a stock price (at the time of this post) in the $60 range.

FCF is projected to be down from 2025 due to their massive AI investment going on.

I understand growth could be hit as AI continues to permeate through the workforce. With that said, the company is investing heavily to improve their product with additional AI features and seems to be pretty stable.

Finding a high margin, growth company with positive net cash, an EV to earnings in the 5 to 6 range is nearly unheard of.

Bears argue AI agents will kill seat based pricing. But MNDY isn't just a spreadsheet; it's a workflow engine. They are spending \~$300M in FCF this year to build "Sidekick". If they successfully pivot to AI agent billing, the current 5x EV/FCF multiple will look like the steal of the decade!