Argo Blockchain Valuation

Q: What is the Fair Price of 0XP0 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

0XP0 (€0.9) is trading below our estimate of [[fair value]] (€55.52)

Is 0XP0 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 0XP0 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0XP0 (€0.9) is trading below our estimate of fair value (€55.52)

Significantly Below Fair Value: 0XP0 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0XP0?

Key metric: As 0XP0 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 0XP0. This is calculated by dividing 0XP0's market cap by their current revenue.
What is 0XP0's PS Ratio?
PS Ratio	1.2x
Sales	US$52.87m
Market Cap	US$65.85m

0XP0 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/Revenue	1.9x
Enterprise Value/EBITDA	20.1x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 0XP0's PS Ratio compare to its peers?

The above table shows the PS ratio for 0XP0 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	1.6x
ESY Easy Software	1.9x	n/a	€94.7m
CSH CENIT	0.3x	5.2%	€69.5m
BSS Beta Systems Software	1.5x	9.1%	€110.4m
TR9 OTRS	2.7x	6.9%	€32.6m
0XP0 Argo Blockchain	1.2x	28.6%	€51.7m

Price-To-Sales vs Peers: 0XP0 is good value based on its Price-To-Sales Ratio (1.2x) compared to the peer average (1.3x).

Price to Sales Ratio vs Industry

How does 0XP0's PS Ratio compare vs other companies in the DE Software Industry?

7 Companies	Price / Sales	Estimated Growth	Market Cap
CSH CENIT	0.3x	5.2%	US$73.49m
ISHA INTERSHOP Communications	0.7x	5.1%	US$28.55m
CLIQ Cliq Digital	0.08x	13.2%	US$24.92m
LSX LS telcom	0.5x	5.0%	US$21.46m

7 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 0XP0 is good value based on its Price-To-Sales Ratio (1.2x) compared to the German Software industry average (2x).

Price to Sales Ratio vs Fair Ratio

What is 0XP0's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

0XP0 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.2x
Fair PS Ratio	1.9x

Price-To-Sales vs Fair Ratio: 0XP0 is good value based on its Price-To-Sales Ratio (1.2x) compared to the estimated Fair Price-To-Sales Ratio (1.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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