INVESTORPLACE - Feb 25 - Bumble has had a very successful IPO. One reason why BMBL stock has done so well after its IPO (up $28 from its $43 IPO price last week), is the high EV-to-EBITDA. MatchGroup made $2.4B and made EBITDA of $794.5M. As MTCH stock has an EV of $46.2B, its EV-to-EBITDA multiple is 58x. By comparison, Bumble made an adjusted EBITDA of $144.4M. This means its EV-to-EBITDA multiple is 56x. In other words, BMBL has a similar EV-to-EBITDA multiple compared to Match Group. But there is a problem. Bumble is not worth this high a multiple. Bumble is not worth more than $43.45 per share.