Block: Looking Past The Self-Inflicted Pain

Block has multiple ecosystems to help deliver its mission ‘to enable economic empowerment’.The recent name change combined with a $29bn Afterpay acquisition have caused a lot of uncertainty amongst investors.Couple that with CEO Jack Dorsey's penchant for bitcoin, a speculative 'asset' that has had a poor 2022 so far.Perhaps, then, it's no surprise that shares of Block are down an eye-watering 80% from their 52-week-high.Is the market right to be so concerned, or has it overreacted to the recent shake ups in this business?Investment ThesisMy first thought when Square changed its name to Block (SQ)?"Well, that's a dumb name"My second thought?"Oh dear… they're going to start focusing on blockchain and bitcoin aren't they?"It would appear that these thoughts were warranted (well, at least the second one was - the first is still up for debate) as Block has increased the focus on its bitcoin-related offerings. I think this has spooked the market and investors who don't want to invest in yet another bitcoin proxy such as Coinbase (COIN).However, Block has two powerful ecosystems, and the company's core business has been continuing to execute throughout a difficult two years. When we peel back the news about Afterpay and name changes and bitcoin, we're left with a high-quality business that still has plenty of room to grow.But does this make Block a good investment right now? I put it through my framework to try and find out.Business...