Hey,
Genuinely trying to gauge why this is. I know PayPal has recently been a value play, or value trap, based on how you see it. From what I understand, it's a mature business in a somewhat mature industry. It has a clear brand, and it is embedded across the internet, especially with non - software businesses. Last year it had $ 5.5 billion in FCF, compared to Stripe having 5 billion in revenue, and Stripe is valued at 160, whereas PayPal's market cap is 50. I know private markets are purposely as such, but still. I understand the inherent competition that PayPal has, but at the end of the day, it has switching costs, a clear brand, and it mints cash. Curious about your thoughts?