Bullish

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $112.3M TTM FCF base; 45% FCF growth in year 1 moderating to 15% by year 5 (in line with the ~51% 2026 consensus revenue growth estimate, tapering as crypto trading volumes normalize); 5%-10% years 6-10; 13% discount rate reflecting crypto-market volatility and regulatory risk; 3% terminal growth; $205.3M net debt; 151.65M shares outstanding.

Reasoning: Bullish is a fast-growing, recently-public digital-asset exchange with genuine current free cash flow, but revenue is highly correlated with crypto trading volumes and regulatory developments, warranting an elevated discount rate; growth is anchored to consensus estimates with a steep deceleration to reflect the inherent cyclicality of exchange trading volumes.