Cardlytics, Inc.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $8M normalized FCF base (vs. $0.46M TTM, between the deeply negative FY2024 and positive FY2025 levels); 6% annual FCF growth yrs 1-5; 4% yrs 6-10; 14% discount rate; 2% terminal growth; $161.85M net debt ($189.89M total debt vs. $28.04M cash); 5.89M shares outstanding; DCF equity value is floored near zero given net debt exceeds enterprise value.

Reasoning: Cardlytics carries convertible note debt that is large relative to its shrunken (post reverse-split) equity base after a 36% revenue decline; a standard DCF on even optimistic recovery cash flows produces an enterprise value below net debt, so the stock is best viewed as a leveraged, option-like equity with minimal fundamental cushion -- consistent with its ~86% market-cap decline.