NBIS
Nebius Group N.V.
$169.69
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Overvalued
Trading 179.6% above fair value
You pay
$169.69
Bear
$50.79
Fair
$60.68
Bull
$70.54
Bear
$50.79
-70.1%
$0.89 × 18x P/E
Fair
$60.68
-64.2%
$0.89 × 22x P/E
Bull
$70.54
-58.4%
$0.89 × 25x P/E
Key Value Driver
Normalized P/E multiple (22x base case)
Implied Market Multiple
190.7x
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 $226.86 from 9 analysts, using a 20% weight on analyst consensus. That produces an estimated intrinsic value of $60.68 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 $226.86 (from 9 analysts). Our estimate is 92% 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