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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -34.2x - -37.8x | -36.0x |
Selected Fwd EBIT Multiple | -169.1x - -186.9x | -178.0x |
Fair Value | $9.38 - $10.79 | $10.09 |
Upside | -5.9% - 8.2% | 1.2% |
Benchmarks | Ticker | Full Ticker |
CoreWeave, Inc. | CRWV | NasdaqGS:CRWV |
TeraWulf Inc. | WULF | NasdaqCM:WULF |
Cipher Mining Inc. | CIFR | NasdaqGS:CIFR |
Core Scientific, Inc. | CORZ | NasdaqGS:CORZ |
HIVE Digital Technologies Ltd. | HIVE | NasdaqCM:HIVE |
Applied Digital Corporation | APLD | NasdaqGS:APLD |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
CRWV | WULF | CIFR | CORZ | HIVE | APLD | ||
NasdaqGS:CRWV | NasdaqCM:WULF | NasdaqGS:CIFR | NasdaqGS:CORZ | NasdaqCM:HIVE | NasdaqGS:APLD | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
Latest Twelve Months | NM | -553.5% | -1360.6% | -284.0% | -194.0% | -59.5% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -21.4% | -1690.8% | -314.0% | -10.8% | -5.4% | -188.3% | |
Prior Fiscal Year | -6.3% | -40.8% | -44.7% | 2.2% | 30.8% | -79.5% | |
Latest Fiscal Year | 16.9% | -38.1% | -27.0% | -2.9% | -28.8% | -49.1% | |
Latest Twelve Months | 10.3% | -86.7% | -78.2% | -28.9% | -28.8% | -39.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 29.25x | 16.32x | 14.50x | 11.18x | 3.45x | 15.31x | |
EV / LTM EBITDA | 52.5x | -42.8x | 226.9x | -308.3x | 13.8x | 137.0x | |
EV / LTM EBIT | 282.9x | -18.8x | -18.5x | -38.7x | -12.0x | -39.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -38.7x | -18.5x | 282.9x | ||||
Historical EV / LTM EBIT | -32.5x | -20.4x | -15.8x | ||||
Selected EV / LTM EBIT | -34.2x | -36.0x | -37.8x | ||||
(x) LTM EBIT | (87) | (87) | (87) | ||||
(=) Implied Enterprise Value | 2,958 | 3,114 | 3,270 | ||||
(-) Non-shareholder Claims * | (968) | (968) | (968) | ||||
(=) Equity Value | 1,990 | 2,146 | 2,301 | ||||
(/) Shares Outstanding | 243.0 | 243.0 | 243.0 | ||||
Implied Value Range | 8.19 | 8.83 | 9.47 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 8.19 | 8.83 | 9.47 | 9.97 | |||
Upside / (Downside) | -17.9% | -11.4% | -5.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CRWV | WULF | CIFR | CORZ | HIVE | APLD | |
Enterprise Value | 79,161 | 2,156 | 2,203 | 4,594 | 397 | 3,391 | |
(+) Cash & Short Term Investments | 1,276 | 218 | 23 | 698 | 48 | 69 | |
(+) Investments & Other | 102 | 0 | 48 | 0 | 0 | 0 | |
(-) Debt | (11,897) | (492) | (58) | (1,194) | (55) | (994) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | (1,163) | (9) | 0 | 0 | 0 | (43) | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 67,480 | 1,873 | 2,216 | 4,098 | 389 | 2,423 | |
(/) Shares Outstanding | 480.0 | 384.6 | 371.2 | 297.8 | 180.3 | 243.0 | |
Implied Stock Price | 140.59 | 4.87 | 5.97 | 13.76 | 2.16 | 9.97 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 140.59 | 4.87 | 5.97 | 13.76 | 2.16 | 9.97 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |