Mobility Global, a wide-moat business that's currently undervalued?

Mobility Global (ticker MBGL) is S&P Global's recent spinoff. It's a wide-moat business and owner of CARFAX. Currently sitting around $20, which is down about 19% in just over two weeks. I've been digging into the numbers and honestly I think this might be a classic case of spinoff selling pressure where institutional investors who only want S&P Global's credit ratings business are just blindly dumping their MBGL shares. My rough math puts the fair value somewhere between $26 and $32, so $20 feels cheap. Curious to hear some other perspectives on it!