- Market valuation implies 33% sustained growth; explicit estimates project only 10.35%.
- Base weighted fair value sits at $125.50, driven largely by explicit forward earnings and free cash flow.
- Severe TradFi fee compression risk remains significantly underpriced by internal valuation cross-checks.
- Strong balance sheet and free cash flow conversion (1.9x OCF/NI) offer a structural floor, but fail to justify the current premium.
Fair value
$126
Margin of safety
-60.3%
Confidence
80/100
Moat
6.5/10
Educational research only - not investment advice, an offer, or a trade instruction. Confirm current data and do your own due diligence before acting.