TDOC sum-of-parts: am I wrong, or is Integrated Care alone worth more than the current EV?

Been digging through TDOC filings. The business is basically two segments: **Integrated Care (B2B):** \~$1.5B revenue run-rate, **\~17% adjusted segment EBITDA margin (before corporate overhead allocation, per segment reporting)**, \~102M members, sticky PMPM contracts, low-single-digit growth. It’s not exciting, but it’s real infrastructure. **BetterHelp (DTC therapy):** revenue declining \~8–10% YoY, \~1–2% margins, losing paying users quarter after quarter. At **\~$7/share** the whole company trades at roughly **\~$1.6B EV**. They generated **\~$170M in reported FCF in 2024 (after SBC, per company definition)** and **retired \~$550M of convertible notes from cash in 2025**, leaving roughly **\~$1.4B of long-term debt/convertibles** on the balance sheet. If you apply a **conservative 8x EV/EBITDA** to Integrated Care’s segment EBITDA (comparable B2B health platforms often trade in the **10–14x** range, so 8x is intentionally conservative), you already get a value **north of the entire current enterprise value**. That implies the market is assigning little to no value to BetterHelp and any optionality from the insurance pivot. So where is my math breaking? Is the **corporate overhead allocation + remaining debt structure** enough to close this gap, or is this just a structurally impaired, hated stock trading below the value of its parts? Earnings Feb 24 after close. No position.