Bitcoin-Linked Stock Silvegate Sees Price Target Slashed By 83% At Canaccord: Why Analyst Still Sees Upside
Bitcoin-Linked Stock Silvegate Sees Price Target Slashed By 83% At Canaccord: Why Analyst Still Sees Upside
The brokerage highlighted the resilience of SI's purpose-built model, which was designed to perform as it should have in a volatile environment after the FTX collapse.Canaccord Genuity has lowered the price target for Silvergate Capital (NYSE: SI), citing its trade at a discount to book value. This comes after the bank released preliminary fourth-quarter results that showed a significant drop in customer deposits.
卡纳科尔 真诚 已经降低了目标价格 西尔弗盖特资本 纽约证券交易所股票代码：SI），理由是其交易价格低于账面价值。在此之前，该银行公布了第四季度的初步业绩，显示客户存款大幅下降。
The Analysis: The investment banking firm in its analysis provided by Joseph Vafi maintained a "buy" rating on SI, and slashed the price target from $150 to $25 — a staggering 83% decrease.
分析: 这家投资银行公司在其提供的分析中由 约瑟夫·瓦菲 维持对SI的 “买入” 评级，并将目标价格从150美元下调至25美元，跌幅惊人地达到83％。
The Thesis: Canaccord said while it had expected deposits to come in, what was surprising was the magnitude of the overall declines, driving a significant deterioration in SI's book value and reduced forward earnings power.
论文： Canaccord表示，尽管它原本预计存款会流入，但令人惊讶的是，总体下降幅度之大，这推动了SI账面价值的显著恶化并降低了远期盈利能力。
The brokerage highlighted the resilience of SI's purpose-built model, which was designed to perform as it should have in a volatile environment after the FTX collapse.
该经纪公司强调了SI专用模型的弹性，该模型旨在在此后的动荡环境中发挥应有的性能 FTX 崩溃。
Canaccord's new price target of $25 is based on a 1.3 times multiple of the book value estimate as of the end of 2023. This is based on an expected reversal of SI trading at a discount to book value to a slight premium once the crypto market recovers.
Canaccord的新目标价为25美元，是基于截至2023年底账面价值估计值的1.3倍。这是基于加密市场复苏后，预计SI交易将以低于账面价值的折扣转为略微溢价。
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参见 更多： 最佳加密货币日间交易策略
The analyst note also highlighted that Silvergate wrote down its entire investment into Diem's stablecoin initiatives, given that there was no clarity to revenue brought in. Silvergate then increased its short-term borrowings, which would affect its net interest margin.
分析师报告还强调，西尔弗盖特将其全部投资减记为 Diem的稳定币举措，因为带来的收入尚不明确。Silvergate随后增加了短期借款，这将影响其净利率。
"We believe [the] book value ends up somewhere in the $ mid-teen range exiting 2022. As such SI is likely now trading at a discount to its book value," Canaccord said.
“我们相信，从 2022 年退出，账面价值最终会在 10 美元左右。因此，SI现在的交易价格可能低于其账面价值，” Canaccord说。
Silvergate's customer deposits fell 68% to $3.8 billion in the fourth quarter, indicating risk aversion in institutional crypto trading.
Silvergate的客户存款在第四季度下降了68％，至38亿美元，这表明机构加密交易存在避险情绪。
Despite the market disruption and the obstacles Silvergate has had to address, the company is still poised to offer abundant liquidity to digital asset customers.
尽管市场受到干扰，Silvergate不得不解决障碍，但该公司仍准备向数字资产客户提供充足的流动性。
By the end of the quarter, Silvergate had a strong balance sheet with a cash sum of $4.6 billion, exceeding their customer-related deposits. According to Canaccord, if the digital currency markets recover, Silvergate's deposits and revenue will likely follow suit.
到本季度末，Silvergate的资产负债表表现强劲，现金总额为46亿美元，超过了与客户相关的存款。根据Canaccord的说法，如果数字货币市场复苏，Silvergate的存款和收入可能会效仿。
Silvergate is a provider of financial infrastructure solutions to the digital asset industry. Some of the most popular digital assets include Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
Silvergate 是数字资产行业的金融基础设施解决方案提供商。一些最受欢迎的数字资产包括 比特币 （加密货币：BTC）和 以太坊 （加密货币：以太币）。
Price Action: SI closed trading at $12.59 on Thursday evening, down 42% in the last 24 hours, according to Benzinga Pro data.
价格走势: 是 Benzinga Pro的数据显示，周四晚间收于12.59美元，在过去24小时内下跌了42％。
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