Initiate at Strong Buy | $5 PT SelectQuote, Inc. is a technology-enabled, direct-to-consumer platform that connects U.S. consumers with a wide range of insurance products across the senior health, life, auto, and home markets. The disconnect we see between rational market skepticism and a compounding set of fundamentals is one not often seen in this space. While peers and investors are distracted by headline risk (regulatory noise, friction from the SEP rule, moderation in the SelectRx cadence), the underlying business behind the scenes is quietly compounding top line (FY25E and FY26E growth of +15% and +10.5%, respectively) on the low end of the mgmt.'s guidance range. The market's 74% discount to peer multiples is not a reflection on the prospects at SLQT, but an unfortunate overextension of historical operational missteps into the future, something that is clear when the analysis focuses on macro [direxion.com][qvinvestors.com]. As real yields compress and the Fed pivots, a duration-sensitive platform like SLQT with extremely visible multi-year commissioned cash flows clearly deserves to re-rate alongside the falling discount rate. Our 0.5x FY26E sales multiple reflects a balance between discounting near term volatility, and giving credit for 39% EBITDA margins as scale grows and capital allocation is further optimized though not fully normalized. We acknowledge that DOJ litigation risk and carrier dynamics could remain a drag on multiple normalization, but the risk/reward skews to the upside. At these levels, SLQT is pricing as if secular headwinds are here to stay which sets up for one of the more asymmetric re-ratings in