NBIS
Nebius Group N.V.
$214.77
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Overvalued
Trading 352.0% above fair value
You pay
$214.77
Bear
$38.02
Fair
$47.52
Bull
$57.02
Bear
$38.02
-82.3%
$0.89 × 12x P/E
Fair
$47.52
-77.9%
$0.89 × 15x P/E
Bull
$57.02
-73.4%
$0.89 × 18x P/E
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
241.3x
Summary
Our base-case estimate uses a valuation based on adjusted earnings per share and a normalized price-to-earnings multiple. We then blend that result with the average analyst price target of $184.20 from 8 analysts, using a 20% weight on analyst consensus. That produces an estimated intrinsic value of $47.52 per share.
Warnings
The company's reported profits differ from official accounting profits by 709%. Check what costs are being left out of the adjusted number.
Wall Street's average price target is $184.20 (from 8 analysts). Our estimate is 93% below the consensus -- consider that gap carefully.
Key Risks
- Growth DCF inappropriate — terminal value assumptions dominate
- EV/EBITDA misleading for regulated businesses where capex is mandated
- Regulatory risk is a fat tail not visible in normal multiples