Sea is a challenging business to value because of its three very different segments. I believe that to value it properly, you need to assess each segment individually. As you mentioned, the fintech business significantly distorts the view of free cash flow. If you're looking for a shortcut, EBITDA isn't a bad starting point to work from.
Would you open a position at this levels?
What metrics do you use best to assess their value. Ebitda? Similar like meli they have a credit portfolio.
I still find it attractive below $150.
Sea is a challenging business to value because of its three very different segments. I believe that to value it properly, you need to assess each segment individually. As you mentioned, the fintech business significantly distorts the view of free cash flow. If you're looking for a shortcut, EBITDA isn't a bad starting point to work from.