Insider OwnershipThe premium valuation, combined with the very high level of private equity insider ownership (and thus secondary sale risk) drives a more balanced outlook, in our view.
ProfitabilityContribution Profit is expected to decelerate sequentially by 14% in 2Q to 16%.
ValuationShares appear somewhat expensive in our view, trading at ~28x our 2025 EBITDA forecast, and even more expensive on a FCF basis.