Overlooked Alpha

Overlooked Alpha

Share this post

Overlooked Alpha
Overlooked Alpha
MediaAlpha Stock: Absurdly Expensive

MediaAlpha Stock: Absurdly Expensive

MAX sells leads to insurance companies. Optimism towards macro has led to a ten-month high — and created an attractive short opportunity

Overlooked Alpha
Feb 26, 2023
∙ Paid
15

Share this post

Overlooked Alpha
Overlooked Alpha
MediaAlpha Stock: Absurdly Expensive
Share

📍TL;DR

  • Insurance marketing firms like MediaAlpha have seen their stocks soar in 2023.

  • The catalyst hinges on an anticipated rebound in carrier acquisition spending; MediaAlpha has struggled amid sharply reduced profitability in the auto space.

  • But a ~$1.2 billion enterprise value prices in a rebound — and then some.

  • After this rally, a short of MAX works w…

This post is for paid subscribers

Already a paid subscriber? Sign in
© 2025 Joe Marwood
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture

Share