Compass: Clarity Is Lacking, But I'm Bullish Anyway

Compass, Inc. remains a Buy following its transformative merger with Anywhere Real Estate, despite recent underperformance versus the S&P 500. COMP's pro forma EBITDA could reach $643.4M, or up to $868.4M with full $225M in expected cost synergies, making valuation compelling. Net debt has risen to $2.25B post-merger, but improved cash flow and scale from new brands and services support the investment thesis.