Don't trade markets – own the trading platforms!

1 April 2026

The company featured in this report went public just a year ago. Its IPO was 10x oversubscribed – investors bought into a compelling growth story and a proven management team.

One year on, the share price is down 63%.

The same business now trades at just 2-3x adjusted EBITDA.

Management is taking advantage, aggressively buying back stock and deploying capital at what it believes are deeply undervalued levels.

Their view is simple: nothing structural has changed. The company remains in a secular growth market – it just needs to move through a weaker macro environment.

The plan:

• expand EBITDA margins from the mid-30s to 50%+.
• grow the customer base.
• increase engagement and wallet share.

The balance sheet supports this strategy, with no debt and USD 1.2bn of net cash.

If execution continues, the stock could follow the path of platforms like Interactive Brokers, Swissquote, or Robinhood.

While nothing is guaranteed, this is a business with a 15-year track record of innovation and execution.

This may be a rare opportunity to invest in a growth company that is priced like a value stock.

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