We believe that the $0.57 average revenue per user that Match Group reported in their Q2 2018 Investor Presentation is just a fraction of the user profile's real value. At the risk of taking the wrong thing away from this article...IAC is an undervalued stock?
Companies are (at least theoretically) valued based on their future potential. Just because "real value" of user profiles may not currently be getting realized, does not mean that it isn't already incorporated into the value of the stock.