| Intrinsic Valuation of: COIN | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 3 | Market Cap | $51B | |||||
| 2021 | - | - (-) | P/E Ratio | 72 | Total Asset | $30B | |||||
| 2022 | $-2B | - (-) | Net Income | $1B | Total Debt | $6B | |||||
| 2023 | $673M | 142.5% (143.6%) | EBITDA | $2B | Total Liab | $15B | |||||
| 2024 | $3B | 361.0% (118.3%) | Opr Margin | 20.28 | Debt/Equity | 0.40 | |||||
| 2025 | $2B | -21.8% (-28.5%) | PreTax Margin | 19.09 | BV/Share | 41 | |||||
| 5Y Average FCF | $1B | 15.0% (77.8%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 13.27% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (15.0%) | ||||||||||
| 2026 | $3B | MBG Intrinsic Value | $25 | ||||||||
| 2027 | $3B | ||||||||||
| 2028 | $3B | ||||||||||
| 2029 | $4B | ||||||||||
| 2030 | $4B | ||||||||||
| 2031 | $4B | ||||||||||
| Terminal Value | $36B | Net Worth/Share | $67 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $30B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $11B | $159 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $6B | WACC | 11.3% | 179 | 185 | 191 | 198 | 206 | |||
| Equity Value | $35B | 11.9% | 169 | 174 | 179 | 185 | 191 | ||||
| Shares Outstanding | 222,426,875 | 12.6% | 160 | 164 | 168 | 173 | 178 | ||||
| 13.3% | 151 | 155 | 159 | 163 | 167 | ||||||
| DCF Intrinsic Value | $159 | 14.0% | 144 | 147 | 150 | 154 | 158 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||