Ticker: HUG (Huuuge, Inc.) - mobile social-casino games.
It's a US (Delaware) company that lists only in Warsaw, Poland - no US ticker, so almost nobody in the US has it on a screen.
Numbers (USD):
* Mkt cap \~$260M. Net cash \~$120M, no debt - about 45% of the cap.
* 2025: $96M adj. EBITDA (40.8% margin), $73M net income.
* So EV ≈ $140M / $96M EBITDA ≈ 1.5x. \~3.6x P/E, 30%+ FCF yield.
Revenue is shrinking (-5% in 2025, -9% in Q1 '26) and it's basically two games. But they're moving players to direct billing (now 40%+ of revenue), dodging Apple/Google's 30% cut - so margins are *rising* as sales fall (record 43% EBITDA margin last quarter). Melting ice cube that throws off more cash as it shrinks.
And they hand it back: share count down \~47% since IPO, policy is 50–100% of FCF returned. One broker models \~80% of the current market cap bought back over 3 years.
Value trap, or a cash machine being wound down on purpose? What am I missing?