Rover Looks Exposed At 40 times EBITDA

This doggy business is set to roll over.

📍 TLDR

• Amid a sharp rally in speculative stocks, ROVR has gained 60%, including 17% just last week.

• Valuation is potentially reasonable in the context of current performance.

• But the pet services platform is set for decelerating growth as travel normalizes, and the model has long-term question marks.

• This business simply isn't that strong. Betting the comp…