A little over two years ago, IAC completed a full spin-off of its interest in dating app giant Match Group (MTCH) with the stock around $100 per share and a ~$30 billion equity value (a partial spin was consummated in 2015). As a holder of IAC at the time, I felt MTCH was priced fully and sold the MTCH shortly thereafter.

Lately though the stock has been trading extremely weakly as revenue growth slows down (Tinder and other apps are reaching a more mature state). Match’s stock chart looks more like a profitless tech stock in the current market environment, but in reality this is a really “GARPy” situation because MTCH generates prolific free cash flow and has ever since it started trading on its own in 2015.



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