Been doing a little more research on Paypal. I'm liking it more to be honest. They have a massive 5B free cash flow annually. Ish, you said you don't like the dividend because it means they have no growth opportunities. Paypal is the epitome of a stock that should be paying a dividend. They are doing some buybacks (which is still returning cash flow to investors), but they don't have a mountain of growth opportunities. They certainly seem to be undervalued, but here is the sticky part for me. They DON'T pay us to wait. They aren't growing significantly. What happens if they get mired in a 7 year bear market (and yes, that certainly does happen).

Now take an investment like O. Financial Realty pays over a 5% dividend. Has similar growth profile (a tad better probably) than Paypal. Is undervalued by roughly 25%. I can collect "rent" while I wait, even if that takes 7 years. They also continually increase that dividend. So maybe Paypal bounces 40% instead of the 25% of O. Then it just depends on how long it takes. This is one big reason I really prefer stocks to pay dividends.

Now, if the growth profile is massive (Amazon) I can make exceptions. But the older you get the more you should demand dividends. And in the case of a Paypal which hemorrhages cash, they really need to institute a dividend. If they did, the stock would likely take off.