Coinbase Global, Inc.
NasdaqGS-COIN
BUILD UP FREE CASH | 2022-12-31 (A) | 2023-12-31 (A) | 2024-12-31 (A) | 2025-12-31 (E) | 2026-12-31 (E) | 2027-12-31 (E) | 2028-12-31 (E) | 2029-12-31 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 3,148.8 | 2,926.5 | 6,293.2 | 7,436.6 | 8,691.5 | 9,393.9 | 9,393.9 | 9,393.9 |
Revenue % Chg. | -59.8% | -7.1% | 115% | |||||
EBIT | -2,714.9 | -175.9 | 2,036.4 | 1,745.5 | 2,533 | 3,129.5 | 3,129.5 | 3,129.5 |
EBIT Margin | -86.2% | -6% | 32.4% | |||||
Tax Rate | 14.3% | 223.5% | 12.4% | |||||
NOPAT | -2,325.4 | 217.2 | 1,784.8 | 1,403.9 | 2,040.1 | 2,531.1 | 2,531.1 | 2,531.1 |
NOPAT Margin | -73.9% | 7.4% | 28.4% | 18.9% | 23.5% | 26.9% | 26.9% | 26.9% |
D&A | 154.1 | 139.6 | 127.5 | 156.3 | 174.3 | 174 | 174 | 174 |
D&A / Revenue | 4.9% | 4.8% | 2% | |||||
Capex | — | — | — | -120 | -109.7 | -114.3 | -114.3 | -114.3 |
Capex / Revenue | — | — | — | |||||
Chg. NWC | -1,031.4 | 326.2 | -478 | -724 | -846.1 | -914.5 | -914.5 | -914.5 |
Chg. NWC / Revenue | -32.8% | 11.1% | -7.6% | |||||
Unlevered FCF (UFCF) | -3,202.8 | 683 | 1,434.3 | 716.3 | 1,258.6 | 1,676.3 | 1,676.3 | 1,676.3 |
UFCF % Chg. | -177.6% | -121.3% | 110% | -50.1% | 75.7% | 33.2% | — | — |
PV of UFCF | — | — | — | 687.2 | 1,158.5 | 1,480.4 | 1,420.3 | 1,362.6 |
Sum of PV of UFCF | — | — | — | 687.2 | 1,845.7 | 3,326.1 | 4,746.4 | 6,109 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 0.3% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 8.7% |
| Total Debt | 4,629.6 |
| Market Cap | 4,002.4 |
| Total Capital | 8,631.9 |
| Debt Weighting | 53.6% |
| Equity Weighting | 46.4% |
| WACC | 4.2% |
| Exit Multiple EV/FCF | |
| Terminal Value | 3,892 |
| PV of Terminal Value | 3,035.3 |
| Cumulative PV of UFCF | 6,109 |
| Net Debt | -1,989 |
| Equity Value | 11,133.4 |
| Shares Outstanding | 269.7 |
| Implied Share Price | 41.3 |
| Current Share Price | 263 |
| Implied Upside / (Downside) | -84.3% |