STUB

STUB remains entrenched in a medium-term downtrend under Stage 3, with sequential lower highs and lower lows driving price below all key moving averages. Although the asset is oversold and nearing a prior support zone, there is no clear evidence of exhaustion or a structural reversal. Price is currently below the declining 9- and 20-day EMAs, defining a tactical zone for trimming into any relief rallies toward those levels. A sustained close and follow-through above the 20-day EMA would invalidate this bearish posture.

• ↑Q2 GMS reached $3.1B, a 34% YoY increase led by World Cup demand.
• ↑Adjusted EBITDA climbed 94% to $106M, yielding an 18% margin and $598M FCF.
• ↓Profit margins remain pressured, with negative profitability and adverse earnings yield.