MARA Holdings Valuation

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

MARA * (MX$305.49) is trading below our estimate of [[fair value]] (MX$1864.08)

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

Valuation Score

4/6

Valuation Score 4/6

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

Share Price vs Fair Value

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

Below Fair Value: MARA * (MX$305.49) is trading below our estimate of fair value (MX$1864.08)

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

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for MARA *. This is calculated by dividing MARA *'s market cap by their current preferred multiple.
What is MARA *'s n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	US$4.65b

MARA * 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	8.4x
Enterprise Value/EBITDA	12.4x
PEG Ratio	-0.1x

Price to Earnings Ratio vs Peers

How does MARA *'s PE Ratio compare to its peers?

The above table shows the PE ratio for MARA * vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	79.9x
YOU Clear Secure	38x	25.5%	US$4.1b
ESMT EngageSmart	155.8x	37.9%	US$3.9b
FNOX Fortnox	57.3x	22.6%	SEK 37.3b
TNE Technology One	68.4x	14.8%	AU$7.5b
MARA * MARA Holdings	16.1x	-130.1%	Mex$4.6b

Price-To-Earnings vs Peers: MARA * is good value based on its Price-To-Earnings Ratio (16.1x) compared to the peer average (79.9x).

Price to Earnings Ratio vs Industry

How does MARA *'s PE Ratio compare vs other companies in the Global Software Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	0%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	0%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: MARA * is good value based on its Price-To-Earnings Ratio (16.1x) compared to the Global Software industry average (30.1x).

Price to Earnings Ratio vs Fair Ratio

What is MARA *'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.

MARA * PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	16.1x
Fair PE Ratio	n/a

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

Analyst Price Targets

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

The above table shows the analyst MARA * forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	Mex$305.49	Mex$412.27 +35.0%	21.8%	Mex$534.31	Mex$237.47	n/a	9
Sep ’25	Mex$328.34	Mex$399.55 +21.7%	21.2%	Mex$515.07	Mex$228.92	n/a	9
Aug ’25	Mex$340.56	Mex$396.46 +16.4%	17.7%	Mex$475.75	Mex$246.69	n/a	9
Jul ’25	Mex$414.71	Mex$413.33 -0.3%	19.1%	Mex$482.88	Mex$250.38	n/a	9
Jun ’25	Mex$327.61	Mex$393.22 +20.0%	16.6%	Mex$453.93	Mex$277.40	n/a	9
May ’25	Mex$277.03	Mex$398.94 +44.0%	24.8%	Mex$575.32	Mex$233.42	n/a	10
Apr ’25	Mex$360.86	Mex$404.15 +12.0%	25.1%	Mex$584.04	Mex$236.95	n/a	10
Mar ’25	Mex$453.36	Mex$418.28 -7.7%	26.1%	Mex$595.65	Mex$241.66	n/a	9
Feb ’25	Mex$318.82	Mex$381.59 +19.7%	25.9%	Mex$467.61	Mex$242.46	n/a	6
Jan ’25	Mex$398.46	Mex$218.86 -45.1%	36.3%	Mex$407.73	Mex$144.40	n/a	8
Dec ’24	Mex$234.39	Mex$192.52 -17.9%	32.3%	Mex$343.94	Mex$137.58	n/a	8
Nov ’24	Mex$157.51	Mex$216.86 +37.7%	37.2%	Mex$356.25	Mex$124.69	n/a	8
Oct ’24	Mex$147.00	Mex$269.04 +83.0%	24.5%	Mex$335.95	Mex$184.77	n/a	6
Sep ’24	Mex$205.00	Mex$269.04 +31.2%	24.5%	Mex$335.95	Mex$184.77	Mex$328.34	6
Aug ’24	Mex$284.28	Mex$246.54 -13.3%	36.9%	Mex$354.61	Mex$135.09	Mex$340.56	5
Jul ’24	Mex$238.00	Mex$233.38 -1.9%	33.1%	Mex$356.31	Mex$142.52	Mex$414.71	5
Jun ’24	Mex$176.18	Mex$233.38 +32.5%	33.1%	Mex$356.31	Mex$142.52	Mex$327.61	5
May ’24	Mex$181.50	Mex$238.89 +31.6%	37.5%	Mex$361.95	Mex$126.68	Mex$277.03	5
Apr ’24	Mex$156.17	Mex$194.64 +24.6%	56.0%	Mex$360.45	Mex$72.09	Mex$360.86	5
Mar ’24	Mex$117.57	Mex$225.44 +91.8%	43.9%	Mex$373.15	Mex$74.63	Mex$453.36	6
Feb ’24	Mex$144.13	Mex$219.98 +52.6%	43.2%	Mex$377.87	Mex$75.57	Mex$318.82	7
Jan ’24	Mex$65.86	Mex$287.55 +336.6%	31.1%	Mex$387.09	Mex$154.84	Mex$398.46	7
Dec ’23	Mex$120.29	Mex$287.55 +139.1%	31.1%	Mex$387.09	Mex$154.84	Mex$234.39	7
Nov ’23	Mex$241.50	Mex$374.64 +55.1%	45.3%	Mex$695.36	Mex$158.94	Mex$157.51	7
Oct ’23	Mex$219.40	Mex$423.90 +93.2%	42.9%	Mex$706.51	Mex$181.67	Mex$147.00	7
Sep ’23	Mex$231.50	Mex$426.94 +84.4%	42.9%	Mex$699.08	Mex$179.76	Mex$205.00	8

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.