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BITF

Bitfarms TSX:BITF Stock Report

Last Price

CA$1.93

Market Cap

CA$392.0m

7D

14.9%

1Y

-61.2%

Updated

26 Jun, 2022

Data

Company Financials +
BITF fundamental analysis
Snowflake Score
Valuation2/6
Future Growth0/6
Past Performance2/6
Financial Health4/6
Dividends0/6

BITF Stock Overview

Bitfarms Ltd. engages in the mining of cryptocurrency coins and tokens in North America.

Bitfarms Competitors

 

 

 

 

 

 

 

 

 

 

 

 

Price History & Performance

Summary of all time highs, changes and price drops for Bitfarms
Historical stock prices
Current Share PriceCA$1.93
52 Week HighCA$11.60
52 Week LowCA$1.66
Beta2.13
1 Month Change-12.27%
3 Month Change-58.50%
1 Year Change-61.17%
3 Year Changen/a
5 Year Changen/a
Change since IPO-12.27%

Recent News & Updates

Apr 25
Is There Now An Opportunity In Bitfarms Ltd. (TSE:BITF)?

Is There Now An Opportunity In Bitfarms Ltd. (TSE:BITF)?

Bitfarms Ltd. ( TSE:BITF ), might not be a large cap stock, but it saw significant share price movement during recent...

Shareholder Returns

BITFCA SoftwareCA Market
7D14.9%7.5%0.3%
1Y-61.2%-24.6%-4.0%

Return vs Industry: BITF underperformed the Canadian Software industry which returned -24.9% over the past year.

Return vs Market: BITF underperformed the Canadian Market which returned -4.1% over the past year.

Price Volatility

Is BITF's price volatile compared to industry and market?
BITF volatility
BITF Average Weekly Movement13.2%
Software Industry Average Movement12.8%
Market Average Movement10.0%
10% most volatile stocks in CA Market17.3%
10% least volatile stocks in CA Market4.4%

Stable Share Price: BITF is not significantly more volatile than the rest of Canadian stocks over the past 3 months, typically moving +/- 13% a week.

Volatility Over Time: BITF's weekly volatility (13%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2017106Emi Grodzkihttps://www.bitfarms.com

Bitfarms Ltd. engages in the mining of cryptocurrency coins and tokens in North America. It owns and operates server farms that primarily validates transactions on the Bitcoin Blockchain and earning cryptocurrency from block rewards and transaction fees. The company also provides electrician services to commercial and residential customers in Quebec, Canada.

Bitfarms Fundamentals Summary

How do Bitfarms's earnings and revenue compare to its market cap?
BITF fundamental statistics
Market CapUS$303.49m
Earnings (TTM)US$34.25m
Revenue (TTM)US$181.39m

8.9x

P/E Ratio

1.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BITF income statement (TTM)
RevenueUS$181.39m
Cost of RevenueUS$72.54m
Gross ProfitUS$108.85m
Other ExpensesUS$74.59m
EarningsUS$34.25m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.17
Gross Margin60.01%
Net Profit Margin18.88%
Debt/Equity Ratio30.1%

How did BITF perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is BITF undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BITF?

Other financial metrics that can be useful for relative valuation.

BITF key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.1x
Enterprise Value/EBITDA4.3x
PEG Ration/a

Price to Earnings Ratio vs Peers

How does BITF's PE Ratio compare to its peers?

BITF PE Ratio vs Peers
The above table shows the PE ratio for BITF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average62.3x

Price-To-Earnings vs Peers: BITF is good value based on its Price-To-Earnings Ratio (8.9x) compared to the peer average (62.3x).


Price to Earnings Ratio vs Industry

How does BITF's PE Ratio compare vs other companies in the Canadian Software Industry?

Price-To-Earnings vs Industry: BITF is good value based on its Price-To-Earnings Ratio (8.9x) compared to the Canadian Software industry average (52.7x)


Price to Earnings Ratio vs Fair Ratio

What is BITF's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BITF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.9x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate BITF's Price-To-Earnings Fair Ratio for valuation analysis.


Share Price vs Fair Value

What is the Fair Price of BITF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate BITF's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate BITF's fair value for valuation analysis.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate BITF's PEG Ratio to determine if it is good value.


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Future Growth

How is Bitfarms forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


29.7%

Forecasted Software industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Bitfarms has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Discover growth companies

  • Examine Bitfarms's financial health to determine how well-positioned it is against times of financial stress by looking at its level of debt over time and how much cash it has left.
  • Bitfarms competitive advantages and company strategy can generally be found in its financial reports archived here.

Past Performance

How has Bitfarms performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


12.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BITF has a high level of non-cash earnings.

Growing Profit Margin: BITF became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: BITF has become profitable over the past 5 years, growing earnings by 12.1% per year.

Accelerating Growth: BITF has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: BITF has become profitable in the last year, making it difficult to compare its past year earnings growth to the Software industry (7.6%).


Return on Equity

High ROE: BITF's Return on Equity (7.5%) is considered low.


Discover strong past performing companies

Financial Health

How is Bitfarms's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: BITF's short term assets ($323.8M) exceed its short term liabilities ($142.8M).

Long Term Liabilities: BITF's short term assets ($323.8M) exceed its long term liabilities ($36.5M).


Debt to Equity History and Analysis

Debt Level: BITF's net debt to equity ratio (13.3%) is considered satisfactory.

Reducing Debt: Insufficient data to determine if BITF's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: BITF's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: BITF's interest payments on its debt are well covered by EBIT (9.9x coverage).


Balance Sheet


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Dividend

What is Bitfarms's current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate BITF's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate BITF's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if BITF's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if BITF's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as BITF has not reported any payouts.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

1.0yrs

Average management tenure


CEO

Emi Grodzki (45 yo)

2.25yrs

Tenure

US$6,758,998

Compensation

Mr. Emiliano Joel Grodzki, also known as Emi, has been the Chief Strategy Officer at Blockchain Mining Limited since March 7, 2018 and has also been its Director since February 19, 2018. Mr. Grodzki is a F...


CEO Compensation Analysis

Compensation vs Market: Emi's total compensation ($USD6.76M) is above average for companies of similar size in the Canadian market ($USD1.24M).

Compensation vs Earnings: Emi's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: BITF's management team is not considered experienced ( 1 years average tenure), which suggests a new team.


Board Members

Experienced Board: BITF's board of directors are considered experienced (3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 25.6%.


Top Shareholders

Company Information

Bitfarms Ltd.'s employee growth, exchange listings and data sources


Key Information

  • Name: Bitfarms Ltd.
  • Ticker: BITF
  • Exchange: TSX
  • Founded: 2017
  • Industry: Application Software
  • Sector: Software
  • Implied Market Cap: CA$392.012m
  • Shares outstanding: 203.12m
  • Website: https://www.bitfarms.com

Number of Employees


Location

  • Bitfarms Ltd.
  • 18 King Street East
  • Suite 902
  • Toronto
  • Ontario
  • M5C 1C4
  • Canada

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/06/26 00:00
End of Day Share Price2022/06/24 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.