Upbound Group's Undervalued Potential: A Buy Rating Driven by Brigit's Growth TrajectoryWe think this is unreasonably low. At our current share price for UPBD, the market is only valuing the entire Upbound company at 4.9x 2026 EV/EBITDA. While we think 4.9x is cheap for a lease to own company, this also essentially implies that either Brigit is free or the rest of the lease to own businesses are free. Said another way, if the market valued Brigit like it does Dave, UPBD's shares should double from here. Of course, executing on Brigit's growth rate is key to realizing this doubling of UPBD shares. Brigit EBITDA is $42m, which we then more than double to $86m in 2026, and then double again in $190m in 2027. While some may think this heroic against consensus for Dave's y/y EBITDA growth of 20% y/y, if Brigit succeeds by posting this growth through 2025, we expect UPBD shares to re-rate higher by early 2026.