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InsightBLOGMarch 16, 20261 min read
How I Think About SBC in Valuation
By alphaseeker84
Primary Source Material
Published via substack_alphaseeker84
Every time software stocks decline, the internet rediscovers SBC and turns it into a hot take factory because software is basically the poster child for SBC abuse. Arguments like FCF is fake because of SBC and subtract SBC from FCF and that’s the real number start to emerge once again. It sounds cle...
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