Snapchat (SNAP) has become a go to method for communication. For a large number of young people, Snap has replaced text messaging and other traditional forms of communication. The company has struggled to translate its popularity into profits. However, the stock has been an incredible trade off the December lows, it is up a staggering 161% this year.

The first step in analyzing Snap is thinking about the value of the platform. DAU growth has slowed to a crawl, but nonetheless the platform still boasts 190 million DAUs and 287 million active accounts. I believe that any doubts regarding Snap's popularity are unfounded. While user growth has slowed, Snap is still very much a part of everyday life for many teens and young adults.

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