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Grayscale Ethereum Mini Trust (ETH)

Company Dividend Discount ModelIndustry: Asset Management - CryptocurrencySector: Financial Services

Valuation Snapshot

Stable Growth$7.57 - $10.77$9.15
Multi-Stage$12.75 - $14.00$13.36
Blended Fair Value$11.25
Current Price$39.18
Upside-71.28%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-70.24%-42.79%0.001.211.111.161.040.521.130.710.480.40
YoY Growth---99.90%8.44%-3.94%11.47%101.64%-54.31%59.24%47.32%20.34%24.71%
Dividend Yield--0.00%4.95%3.40%3.54%3.18%1.58%3.45%2.17%1.47%1.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)47.33
(-) Cash Dividends Paid (M)16.36
(=) Cash Retained (M)30.97
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9.475.923.55
Cash Retained (M)30.9730.9730.97
(-) Cash Required (M)-9.47-5.92-3.55
(=) Excess Retained (M)21.5025.0527.42
(/) Shares Outstanding (M)41.6441.6441.64
(=) Excess Retained per Share0.520.600.66
LTM Dividend per Share0.390.390.39
(+) Excess Retained per Share0.520.600.66
(=) Adjusted Dividend0.910.991.05
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.60%-1.60%-0.60%
Fair Value$7.57$9.15$10.77
Upside / Downside-80.68%-76.66%-72.50%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)47.3346.5745.8245.0944.3743.6644.97
Payout Ratio34.57%45.66%56.74%67.83%78.91%90.00%92.50%
Projected Dividends (M)16.3621.2626.0030.5835.0139.2941.59

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.60%-1.60%-0.60%
Year 1 PV (M)19.2919.4919.69
Year 2 PV (M)21.4021.8522.29
Year 3 PV (M)22.8423.5524.28
Year 4 PV (M)23.7324.7225.74
Year 5 PV (M)24.1625.4226.74
PV of Terminal Value (M)419.36441.34464.22
Equity Value (M)530.78556.36582.96
Shares Outstanding (M)41.6441.6441.64
Fair Value$12.75$13.36$14.00
Upside / Downside-67.47%-65.90%-64.27%

High-Yield Dividend Screener

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