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Bitmine Immersion Technologies, Inc.

Intrinsic Value Analysis (Discounted Cash Flow)Industry: Financial - Capital MarketsSector: Financial Services

Fair Value Summary

Current Price$31.03
5Y Range-2.64 – -1.73
5Y Selected-2.19
(-) Safety Margin79.28%
5Y Buy Price$-0.45
Upside (to Buy Price)-101.46%
10Y Range-3.04 – -2.03
10Y Selected-2.53
(-) Safety Margin79.28%
10Y Buy Price$-0.52
Upside (to Buy Price)-101.69%

Company Predictability & Safety

MetricValue
Revenue R2 (5Y)0.9098
Revenue R2 (10Y)0.7081
Net Income R2 (5Y)0.4930
Net Income R2 (10Y)0.3242
EBITDA R2 (5Y)0.5993
EBITDA R2 (10Y)0.3700
FCF R2 (5Y)0.1212
FCF R2 (10Y)0.3417
Safety Score0.2072

DA 10-Year Projection

Metric2026202720282029203020312032203320342035
% Growth14.73%13.54%12.34%11.15%9.96%8.77%7.58%6.38%5.19%4.00%
Revenue6.997.948.929.9110.9011.8612.7613.5714.2714.85
EBITDA-14.80-16.80-18.87-20.98-23.07-25.09-26.99-28.71-30.20-31.41
D&A-1.43-1.62-1.82-2.03-2.23-2.42-2.61-2.77-2.92-3.03
EBIT-16.22-18.42-20.69-23.00-25.29-27.51-29.60-31.49-33.12-34.44
Pro forma Taxes3.463.934.414.905.395.866.316.717.067.34
NOPAT-12.77-14.49-16.28-18.10-19.90-21.65-23.29-24.78-26.06-27.10
Capital Expenditures-2.99-3.40-3.82-4.24-4.66-5.07-5.46-5.81-6.11-6.35
NWC Investment0.240.260.260.270.270.260.240.220.190.15
(+) D&A1.431.621.822.032.232.422.612.772.923.03
Free Cash Flow-14.09-16.01-18.01-20.05-22.07-24.04-25.90-27.59-29.06-30.27
Diluted Shares Outstanding143,455,973.88143,455,973.88143,455,973.88143,455,973.88143,455,973.88143,455,973.88143,455,973.88143,455,973.88143,455,973.88143,455,973.88

Discounting Periods

MetricAug-26Aug-27Aug-28Aug-29Aug-30Aug-31Aug-32Aug-33Aug-34Aug-35
Period Start8/31/259/1/269/1/279/1/289/1/299/1/309/1/319/1/329/1/339/1/34
Period End8/31/268/31/278/31/288/31/298/31/308/31/318/31/328/31/338/31/348/31/35
Mid-Point3/1/263/2/273/1/283/2/293/2/303/2/313/1/323/2/333/2/343/2/35
Time (t)0.121.122.123.134.135.136.137.138.139.13
Valuation Date1/16/26

Base Case Projected Flows

WACC: 9.10%Terminal Growth: 2.35%
Metric2026202720282029203020312032203320342035TV (5y)TV (10y)
Discount Factor0.990.910.830.760.700.640.590.540.490.45
PV UFCF-13.94-14.53-14.98-15.27-15.41-15.38-15.19-14.83-14.32-13.67
Raw: -335.01
-223.85
Raw: -459.39
-198.61

Base Case Valuation

5-Year Horizon10-Year Horizon
UFCFUFCF
Enterprise Value-297.97-346.10
(-) Net Debt1.441.44
Equity Value-299.40-347.54
(/) Shares Out143.46143.46
Fair Value$-2.09$-2.42
(-) Safety Margin79.28%79.28%
Buy Price$-0.43$-0.50
Current Price$31.03$31.03
Upside (to Buy Price)-101.39%-101.62%

Conservative Projected Flows

WACC: 10.10%Terminal Growth: 1.85%
Metric2026202720282029203020312032203320342035TV (5y)TV (10y)
Discount Factor0.990.900.820.740.670.610.550.500.460.42
PV UFCF-13.93-14.38-14.69-14.84-14.84-14.68-14.36-13.89-13.29-12.58
Raw: -272.71
-174.69
Raw: -373.96
-148.08

Conservative Valuation

5-Year Horizon10-Year Horizon
UFCFUFCF
Enterprise Value-247.36-289.54
(-) Net Debt1.441.44
Equity Value-248.79-290.98
(/) Shares Out143.46143.46
Fair Value$-1.73$-2.03
(-) Safety Margin79.28%79.28%
Buy Price$-0.36$-0.42
Current Price$31.03$31.03
Upside (to Buy Price)-101.16%-101.35%

Aggressive Projected Flows

WACC: 8.10%Terminal Growth: 2.85%
Metric2026202720282029203020312032203320342035TV (5y)TV (10y)
Discount Factor0.990.920.850.780.720.670.620.570.530.49
PV UFCF-13.96-14.68-15.27-15.71-16.00-16.12-16.07-15.83-15.43-14.87
Raw: -432.94
-301.89
Raw: -593.68
-280.47

Aggressive Valuation

5-Year Horizon10-Year Horizon
UFCFUFCF
Enterprise Value-377.51-434.41
(-) Net Debt1.441.44
Equity Value-378.95-435.85
(/) Shares Out143.46143.46
Fair Value$-2.64$-3.04
(-) Safety Margin79.28%79.28%
Buy Price$-0.55$-0.63
Current Price$31.03$31.03
Upside (to Buy Price)-101.76%-102.03%

Reverse DCF: Market Implied Growth

Current Price$31.03
WACC Used9.1%
IMPLIED REVENUE GROWTH301.45%
Metric2027202820292030203120322033203420352036
Implied Revenue24.4798.23394.351,583.116,355.4425,514.06102,426.87411,195.381,650,754.706,626,998.26
Constant Implied Growth301.45%301.45%301.45%301.45%301.45%301.45%301.45%301.45%301.45%301.45%
Implied Free Cash Flow0.000.010.040.160.642.5510.2441.12165.08662.70
Discount Factor0.950.830.760.700.640.590.540.490.450.41
Present Value of Implied FCF0.000.010.030.110.411.505.5120.2674.54274.30

Rolling Historical DCF (Backtest)

Valuation based on actual realized growth.
Error: Rolling DCF Data Not Available
Debug Info: Read Error

Monte Carlo Simulation (1,000 Iterations)

Mean Fair Value
$-2.50
Median
$-2.45
10th Percentile
$-3.02
90th Percentile
$-2.00

Fair Value Distribution

$-5.58 - $-5.39
1
$-5.39 - $-5.19
0
$-5.19 - $-4.99
0
$-4.99 - $-4.80
2
$-4.80 - $-4.60
1
$-4.60 - $-4.41
2
$-4.41 - $-4.21
1
$-4.21 - $-4.01
0
$-4.01 - $-3.82
2
$-3.82 - $-3.62
5
$-3.62 - $-3.43
11
$-3.43 - $-3.23
26
$-3.23 - $-3.03
44
$-3.03 - $-2.84
80
$-2.84 - $-2.64
145
$-2.64 - $-2.45
192
$-2.45 - $-2.25
188
$-2.25 - $-2.05
175
$-2.05 - $-1.86
92
$-1.86 - $-1.66
33