SEEKING ALPHA - Feb 6 - Spark Networks SE was formed in 2017 through a 75:25 merger between Affinitas GmbH and Spark Networks, Inc. Its shares are severely mispriced because investors remain scarred by Old Spark's dismal performance. Old Spark struggled for years with falling subscribers and revenues and was heavily loss-making. YOY its revenues fell 22% in 2015 and 27% in 2016. Unlike Old Spark, Affinitas has a long history of organic and acquisitive growth. Spark Networks SE is forecast to achieve 2018E revenue of EUR108M and adjusted EBITDA of EUR10.4M. Base case valuation indicates over 100% upside vs. 30% downside presenting a compelling asymmetric investment opportunity. A bull case would offer large profit potential.