BSP is overvalued at $32B market cap trading at 48x FCF with only 5-6% organic growth despite 84% headline growth from acquisitions. The thesis is that the stock is in a temporary short squeeze and will decline as the business fundamentals (melting ice cube assets, declining existing customer base, zero GAAP profitability) fail to justify valuation even relative to higher-quality serial acquirers like Constellation Software.

SK Telecom ($SKM) has a significant stake in Anthropic (estimated ~$1 value per $4.50 share), meaning investors are getting Anthropic exposure at a discount when buying SKM. The remaining $3.50 represents the value of SKM's core telecom business and other assets.

SK Telecom (SKM) holds 3.7M Anthropic shares valued at ~$1.0B (marked at ~$350-380B Anthropic valuation), representing an indirect bet on Anthropic's continued growth rather than a traditional telecom value play. Core business fundamentals deteriorated in FY2025, stock has doubled from 52-week lows and now trades above sell-side targets with significant downside risk if Anthropic valuation doesn't continue rising or if monetization is delayed.

SK Telecom ($SKM) holds 0.54% stake in Anthropic (valued at $4T by author), which is experiencing explosive 12,400% annualized revenue growth. Author argues SKM's core business plus Anthropic stake implies 155% upside to $99.57 per ADR, positioned via short-dated call ladder.