GAMB unders $5 looks like deep value.

I’ve been following Gambling.com ($GAMB) for a while now and I still think the market is completely mispricing the story here. Yeah, guidance was cut—twice. The core affiliate business isn’t growing like before, and marketing in the US is obviously under pressure. But the selloff has been brutal, and at these levels, the risk/reward is shifting hard in favor of longs. This company is still doing close to $60M in EBITDA this year, and printing nearly $40M in free cash flow. Market cap? Just a bit 165M now. That’s 3x EBITDA, and closer to 4x FCF, with a clean balance sheet. You’re basically buying a cash machine that’s getting punished because it’s not growing quite as fast as it used to. But the market is acting like growth is dead. I don’t think that’s true. They’ve been investing heavily into the Sports Data segment—OddsJam and OpticOdds—and those units are showing triple digit YoY growth. That’s SaaS-like, recurring revenue with high margins. If that continues to scale, it can start to offset the slower affiliate business. And the CEO literally bought over $2M worth of stock last week, signaling confidence. He also hinted more insiders are buying. The bearish case is clear: the affiliate space is getting tougher, SEO updates are a headwind, and the earnouts tied to past acquisitions are pressuring the income statement. But none of this justifies a company with these fundamentals trading this cheap. If you believe the core isn’t dead, just going through a tough patch, and the data side can keep growing, then this is deep value. If not—if you think the whole model is in decline—then yeah, you sell. But I don’t think that’s the story here. There’s a chance this thing re-rates hard if they stabilize the marketing side and keep delivering on Data. $9-10 isn’t some moonshot—it’s just where the stock traded a few months ago when sentiment wasn’t this broken. This isn’t some pre-revenue growth story. It’s a profitable company getting punished too hard for a slowdown. I’m holding.