Nocturne Acquisition Valuation

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

Valuation Score

0/6

Valuation Score 0/6

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

Share Price vs Fair Value

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

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

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

Key Valuation Metric

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

Key metric: As MBTC is unprofitable and pre-revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for MBTC. This is calculated by dividing MBTC's market cap by their current book value.
What is MBTC's PB Ratio?
PB Ratio	-5.2x
Book	-US$10.99m
Market Cap	US$56.65m

MBTC 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	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Book Ratio vs Peers

How does MBTC's PB Ratio compare to its peers?

The above table shows the PB ratio for MBTC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PB	Estimated Growth	Market Cap
Peer Average	1.1x
HGBL Heritage Global	0.9x	-4.9%	US$60.3m
GEG Great Elm Group	0.8x	n/a	US$54.7m
MGLD Marygold Companies	2.3x	n/a	US$61.7m
TRLC TriLinc Global Impact Fund	0.2x	n/a	US$69.3m
MBTC Nocturne Acquisition	n/a	n/a	US$56.7m

Price-To-Book vs Peers: MBTC has negative equity and a Price-To-Book Ratio (-5.2x) compared to the peer average (45.9x).

Price to Book Ratio vs Industry

How does MBTC's PB Ratio compare vs other companies in the US Capital Markets Industry?

8 Companies	Price / Book	Estimated Growth	Market Cap
AMTD AMTD IDEA Group	0.06x	n/a	US$81.91m
JPPY.Y Jupai Holdings	0.02x	n/a	US$1.91m
NCPL Netcapital	0.04x	n/a	US$1.51m
LGHL Lion Group Holding	0.04x	n/a	US$1.21m

8 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Book vs Industry: MBTC has negative equity and a Price-To-Book Ratio (-5.2x) compared to the US Capital Markets industry average (1.4x).

Price to Book Ratio vs Fair Ratio

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

MBTC PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	-5.2x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate MBTC's Price-To-Book 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?

Analyst Forecast: Insufficient data to show price forecast.

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