Match Group remains a Buy, offering a solid margin of safety and long-term re-rating potential despite recent share price gains. Tinder's revamp is gaining traction, but overall revenue and payers remain under pressure, with Hinge as the standout growth driver. MTCH maintains strong free cash flow, a balanced balance sheet, and robust capital returns, including a 7% annualized combined yield amid strong buybacks, with potential for more in H2.