$APP Has Gone from Overvalued to Now Cheap?

AppLovin is a company that has 84% EBITDA margin, growing revenue at 40%, with a rule of 40 score at 150… …with only a 25x forward PE. They are extremely prudent with SBC, and spend nearly all FCF in doing share buybacks. They print money. They completely dominate mobile gaming ad tech and are expanding into ecommerce quickly. They have fallen 50% when the fundamentals are only getting better. Catalysts include the launch of a self service ad platform. They currently only operate with very large companies and those who have been referred. They haven’t even gone GA yet… They have been hammered along in the software trade due to fears of AI, but they literally stand to benefit with AI. Google Genie and world models will make it easier to create games. And when it’s easy to create games, what’s the problem? Distribution. People will need to market their games, and that’s exactly where AppLovin shines. They have the best in class models and deliver best ROAS. If people are interested, I would love to do a much deeper dive. But this price action to me recently seems so unfounded.