Shift4 (FOUR): Cheaper Than Ever

The author argues that Shift4 is significantly undervalued, trading at ~9x NTM earnings and under ~5x 2027 FCF if management hits their targets. The company has a $1 billion buyback authorization (~20% of market cap) and the founder was buying aggressively at higher prices. Despite the stock hitting 52-week lows, the author believes the market is missing the company's growth and operating leverage.