Snap trades at a distressed 1.4x TEV/Sales ($8.4B TEV), a massive disconnect from its 1B MAU core asset value. SBC plan is a key factor of SNAP's business model. The sustainability of the SBC plan depends on one key condition: a reasonably high stock price. the $4 Snap price is far below the bottom line required for both Snap's SBC operation modes and Specs's survival. Evan Spiegel will inevitably make structural changes.









