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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | -4.8x - -5.3x | -5.1x |
| Selected Fwd P/E Multiple | -25.4x - -28.1x | -26.8x |
| Fair Value | $5.80 - $6.42 | $6.11 |
| Upside | 18.0% - 30.4% | 24.2% |
| Benchmarks | - | Full Ticker |
| Core Scientific, Inc. | - | NasdaqGS:CORZ |
| MARA Holdings, Inc. | - | NasdaqCM:MARA |
| Riot Platforms, Inc. | - | NasdaqCM:RIOT |
| Bit Digital, Inc. | - | NasdaqCM:BTBT |
| Mawson Infrastructure Group Inc. | - | NasdaqCM:MIGI |
| Applied Digital Corporation | - | NasdaqGS:APLD |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| CORZ | MARA | RIOT | BTBT | MIGI | APLD | |||
| NasdaqGS:CORZ | NasdaqCM:MARA | NasdaqCM:RIOT | NasdaqCM:BTBT | NasdaqCM:MIGI | NasdaqGS:APLD | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | ||
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | ||
| Latest Twelve Months | -355.4% | 108.9% | 321.1% | 303.7% | 23.7% | -663.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -119.1% | -107.3% | -73.0% | -74.8% | -124.5% | -266.7% | ||
| Prior Fiscal Year | -49.1% | 66.9% | -17.6% | -30.9% | -138.7% | -80.6% | ||
| Latest Fiscal Year | -219.8% | 82.5% | 29.0% | 26.3% | -77.8% | -90.2% | ||
| Latest Twelve Months | -219.8% | 82.5% | 29.0% | 26.3% | -77.8% | -128.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 25.2x | 7.4x | 8.9x | 4.5x | -2.2x | 95.0x | ||
| Price / LTM Sales | 4.1x | 6.0x | 6.6x | 3.4x | 0.1x | 5.2x | ||
| LTM P/E Ratio | -1.9x | 7.2x | 22.9x | 13.0x | -0.2x | -4.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -1.9x | 7.2x | 22.9x | |||||
| Historical LTM P/E Ratio | -26.3x | -18.8x | -6.2x | |||||
| Selected P/E Multiple | -4.8x | -5.1x | -5.3x | |||||
| (x) LTM Net Income | (271) | (271) | (271) | |||||
| (=) Equity Value | 1,307 | 1,375 | 1,444 | |||||
| (/) Shares Outstanding | 222.9 | 222.9 | 222.9 | |||||
| Implied Value Range | 5.86 | 6.17 | 6.48 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 5.86 | 6.17 | 6.48 | 4.92 | ||||
| Upside / (Downside) | 19.1% | 25.4% | 31.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | CORZ | MARA | RIOT | BTBT | MIGI | APLD | |
| Value of Common Equity | 2,112 | 3,908 | 2,500 | 368 | 8 | 1,097 | |
| (/) Shares Outstanding | 294.1 | 345.8 | 350.2 | 182.4 | 18.8 | 222.9 | |
| Implied Stock Price | 7.18 | 11.30 | 7.14 | 2.02 | 0.41 | 4.92 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.18 | 11.30 | 7.14 | 2.02 | 0.41 | 4.92 | |
| 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 | |