Are MicroStrategy's Shares Worth Only $105? Investment Adviser Gary Black Weighs In
Are MicroStrategy's Shares Worth Only $105? Investment Adviser Gary Black Weighs In
Black estimated that MicroStrategy's shares should be worth about $105/share, a figure 75% lower than its current trading price. Renowned investment adviser Gary Black questioned the valuation of MicroStrategy Incorporated (NASDAQ:MSTR), suggesting the company's stock was significantly overpriced.
著名投資顧問加里·布萊克質疑微策略公司（納斯達克股票代碼：MSTR）的估值，暗示該公司的股票定價嚴重過高。
What Happened: In a recent X post, Black, managing partner at The Future Fund, expressed his confusion over MicroStrategy's stock price.
發生了什麼：在最近的一篇X帖子中，未來基金的管理合夥人布萊克對微策略的股價表示困惑。
He pointed out that the company's Bitcoin holdings, worth $31.2 billion when he made the observation, and its net debt of $4.2 billion equated to an equity value of $27 billion. However, the company's stock market value stood at a whopping $106 billion.
他指出，該公司持有的比特幣在他進行觀察時價值312億美元，其淨負債爲42億美元，相當於270億美元的股本價值。但是，該公司的股票市值高達1060億美元。
Black estimated that MicroStrategy's shares should be worth about $105/share, a figure 75% lower than its current trading price.
布萊克估計，微策略的股票價值應約爲每股105美元，比其目前的交易價格低75％。
$MSTR 's stock price makes no sense to me. MicroStrategy owned 331,200 bitcoins at last count, worth $31.2 billion at #BTC =$100K, and has about $4.2 billion of net debt, which equates to $27B equity value. By comparison, MSTR's stock market value is $106 billion using the...
— Gary Black (@garyblack00) November 22, 2024
$MSTR 的股價對我來說毫無意義。根據最新統計，微策略擁有331,200枚比特幣，價值312億美元，#BTC =10萬美元，淨負債約爲42億美元，相當於270億美元的股票價值。相比之下，使用...，MSTR的股票市值爲1060億美元。
— 加里·布萊克 (@garyblack00) 2024 年 11 月 22 日
Black added that MicroStrategy's core software business wasn't contributing to growth. Indeed, the software segment recorded a 10.3% decline in year-on-year revenues.
布萊克補充說，微策略的核心軟件業務沒有爲增長做出貢獻。事實上，軟件板塊的收入同比下降了10.3％。
"It would be like a company issuing cash or debt and then buying marketable securities. No one will pay for growth from that since anyone can buy Bitcoin," he argued.
「這就像一家公司發行現金或債務，然後購買有價證券。沒有人會因此而爲增長付出代價，因爲任何人都可以購買比特幣，」 他爭辯說。
Black also ruled out valuing stocks based on future earnings expectations, instead opting to measure the stock's fundamental business, in this case, MicroStrategy, in conjunction with the value of Bitcoin.
布萊克還排除了根據未來收益預期對股票進行估值的可能性，而是選擇將股票的基本業務（在本例中爲MicroStrategy）與比特幣的價值一起衡量。
Why It Matters: Black's comments come in the wake of recent research by BitMEX, which showed that MicroStrategy is trading at a 256% premium to the net asset value (NAV) of its Bitcoin holdings. The analysis connected the extreme valuation disparity to some financial regulators banning people from buying Bitcoin ETFs, leading them to buy MicroStrategy's stock instead.
爲何重要：布萊克的評論是在BitMEX最近的研究之後發表的，該研究表明，微策略的交易價格比其持有的比特幣的淨資產價值（NAV）高出256％。該分析將極端的估值差異與一些金融監管機構禁止人們購買比特幣ETF聯繫起來，導致他們改爲購買MicroStrategy的股票。
MicroStrategy's aggressive Bitcoin acquisition strategy has been the subject of intense media coverage in recent weeks. The company's co-founder, Michael Saylor, recently revealed that MicroStrategy is making $500 million a day as Bitcoin inched closer to $100,000 for the first time in its history.
最近幾周，MicroStrategy激進的比特幣收購策略一直是媒體廣泛報道的主題。該公司的聯合創始人邁克爾·塞勒最近透露，隨着比特幣有史以來首次接近10萬美元，微策略每天的收入爲5億美元。
Since the beginning of November, MicroStrategy's stock has leaped 83%, while Bitcoin, the asset it holds on its books, has grown by 38%.
自11月初以來，微策略的股票上漲了83％，而其賬面上持有的資產比特幣增長了38％。
Price Action: At the time of writing, Bitcoin was trading at $97,638.71, down 0.85% in the last 24 hours, according to Benzinga Pro data. Shares of MicroStrategy closed 6.19% higher at $421.88 on Friday's regular session.
價格走勢：根據Benzinga Pro的數據，在撰寫本文時，比特幣的交易價格爲97,638.71美元，在過去24小時內下跌0.85％。微策略股價在週五的例會上收盤上漲6.19％，至421.88美元。
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