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• If you are wondering whether Shopify at around US$103 is a bargain or just fairly priced, starting with a clear view on valuation can help frame your next move.

• The stock has risen 2.7% over the past week, but is down 18.1% over the past month, with year to date returns down 34.5%, a 1.5% gain over the last year, a 73.8% gain over three years, and a 17.1% decline over five years.

• Recent headlines around Shopify have focused on its role as a major ecommerce platform, ongoing product and ecosystem updates, and broader sentiment toward high growth software stocks. This backdrop helps explain…