$XYZ $PYPL $FINX TON618 values Block at $91.17 a share, from $83 in July, against the $76.00 close of November 3, the session before the results. Valuing the business by its parts charges the costs that recur, the equity the growing loan book needs and a cost of equity, the return holders require, of 13%, falling to 10.5% by 2036 as the business matures; held at 13%, the value is $74.09, below the price. Two other reads: Block's 60-month beta, how far the stock moves with the market, is 2.56, and blended toward peers it gives a 15.3% cost of equity and $83.02, still above the price; PayPal's earnings multiple on TON618's base-case 2027 profit gives $59.78, below it. The 24-month beta, 1.95 now, settles the rate: above 2.0 at the August 2027 update keeps it at 13%, below 1.6 confirms the fall. #Block #Valuation #Fintech