We predict that the income from 2024-2026 is 6750, 9233, and 60.55 million US dollars, and EBITDA is calculated that EBITDA is 4184, 5892, and 39.47 million US dollars, respectively.Huibo Investment Research Information] Give the corresponding valuation premium 2024 EV/Revenue is 11X, which gets a target price of $ 288 to maintain a "better market" rating.Huibo Investment Research Information)Kolkata Stocks
The company’s 24Q2 operating income was US $ 1.450 billion, a year-on-year+105%, and -11%month-on-month; after adjustment of EBITDA $ 596 million,+216%year-on-year, -41%month-on-month, for 6 consecutive quarters;Little losses were 23%, from profit to losses, including unrealized fair value of after -tax changes of US $ 248 million.The net profit recorded $ 36 million, a year -on -year loss of profit, and a 97%decrease from the previous month. The difference between the pre -tax profit was tax benefits related to stock incentives.Nagpur Investment
Dragked by the transaction volume, 24Q2 transaction revenue decreased month -on -month, and the rate was stable.24Q2 transaction revenue was $ 781 million, a year-on-year+139%, and -27%month-on-month.Spot transactions are still the main source of transaction revenue.24Q2 trading volume was 226 billion US dollars, a month-on-month of -28%; of which retail trading volume was -34%month-on-month to $ 37 million, and the transaction volume of the institution was -26%to $ 189 million.The comprehensive rate rate is 35bp from the previous month, and the institutional rates are flat at 3bp month -on -month; the reason why retail rates increased by 13bp to 1.8%month -on -month is that derivatives and wallet income contributed operating income.The transaction pricing has not changed significantly.According to The Block data, the total transaction volume of the cryptocurrency spot market for 24Q2 is US $ 3.92 trillion, the coinbase transaction volume is 226 billion US dollars, the estimated market share is 5.8%, the 24Q1 is 6.5%, and the year in 2023 is 6.0%.The company is expected to complete the acquisition of the European MIFID license in 2024, which will enable the company to trade derivatives in 20 or more markets in Europe.Pune Investment
Stable currency income and blockchain income promote the growth of subscription and service revenue.24Q2 subscription and service revenue year -on -year+79%,+17%month -on -month, revenue accounted for+10pct to 41%.The stable currency income year -on -year+59%, contributing 43%of the increase of subscription and service revenue, mainly due to the increase in the average interest rate of the stable currency and the increase of USDC balance on the platform.Blockchain revenue was+111%year -on -year, and the contribution increased by 37%, mainly due to the rising price of ETH and Solana, increased pledge assets, and one -time blockchain revenue worth $ 8 million.The custody income is+103%year-on-year, and the rise in asset prices such as BTC and ETH leads to the increase in the scale of platform custody. The custody rate is year-on-year-2BP-1BP to 8bp.The company expects 24Q3 subscriptions and service revenue to decline from the previous quarter. The main reasons are: 1) the average price of ETH in July decreases by about 3%compared with 24Q2; 2) the company’s expected interest rates may be reduced in September;The base effect of one -time blockchain income.
24Q2 operating expenditure accounts for about 80%of the main business income. The company is expected to continue to increase marketing expenses in the futureVaranasi Investment. Policy expenditure will continue to occur, and the number of employees cautiously increases the number of employees.24Q2 operating expenditures were US $ 1.107 billion, accounting for about 80%of the main business revenue, a year -on -year+42%, and a month -on -month+26%.Among them, the transaction fee is+77%year -on -year. As the cost of the blockchain is+90%year -on -year (+111%lower than the year -on -year growth rate of the blockchain), and the payment processing and account verification costs are+90%(below the transaction volume below the transaction volume, whichThe year -on -year growth rate was+146%).Market costs are+97%year -on -year,+68%(US $ 67 million), and the month -on -month growth originated from the increase in USDC reward expenditures caused by the increase in USDC platform balance, as well as the increase in publicity expenditures increased in the situation of good market conditions.The company plans to continue to increase marketing costs, which is greatly affected by the balance of USDC platforms, market environment and marketing opportunities.Scientific research costs are+14%year -on -year, mainly due to the increase in infrastructure costs caused by the increase in personnel related costs and the growth of platform activities.General management costs are+24%year -on -year,+11%month -on -month, including policy expenditure by $ 26 million month -on -month.The company recognizes policy expenditure as persistent expenditure.The company is expected to increase the number of employees with caution at 24H2 and continue to pay attention to fixed cost management to international expansion and strengthen product quality and diversity.
The amount of transaction is not as expected, and the virtual asset activity is less than expected.Lucknow Investment
Bangalore Stock Exchange
