Luca - MoonFish Research (@moonfishresearch): "I understand where that type of rant comes from but Nebius might not be the best exemple of it, MC $22B, Clickhouse stake as of now $4B, Other stakes : $4B, Cash~$3,7B. MC - Assets : ~$10B So the core business is valued at 10B, just turned EBITDA positive, growing revenue 500…"

The app for independent voices

I understand where that type of rant comes from but Nebius might not be the best exemple of it, MC $22B, Clickhouse stake as of now $4B, Other stakes : $4B, Cash~$3,7B.

MC - Assets : ~$10B

So the core business is valued at 10B, just turned EBITDA positive, growing revenue 500% as said here and not mentionning one of the greatest management and engineering Team on earth which doesn’t get mentionned enough. They litteraly got a $30B business taken away by the government, flew russia when they started the war in Ukraine, Started from “scratch” build another +$10B business in 2 years. And yes +$40B in contract.

I know that it’s not 40B cash on the balance sheet just as well as I know this analysis is way to simplified to be 100% accurate. Point is we do not invest based on the 20B difference in contract vs market, we invest in the team, the execution, the AI-cycle and so on.

Rant Over.

Rob H. | Atomic Moat

Mar 31

"The contract is worth more than the stock" is not investment analysis.

You've probably seen this post a hundred times on X for companies like Nebius and Iren. And I am so tired of it. It goes like this:

“Company X signed a $27 billion deal with Meta. The market cap is only $22 billion. The contract is worth more than the entire company. T…

Apr 2

11:38 AM

The app for independent voices

Log in or sign up