· 个股论点
涉及标的： $ETOR
$ETOR 目前绝对是纳斯达克被低估的公司之一。感觉市场已经把它遗忘了。市值 21 亿美元，净现金 12 亿美元，无债务。这意味着经纪业务估值仅为 9 亿美元。远期企业价值/息税折旧摊销前利润 (EV/EBITDA) 约为 2.6 倍……而大多数同行估值在 10-15 倍以上。凭借现有的 12 亿美元现金储备，几年内 eToro 的现金将超过其市值。第三季度 (Q3) 单季净收入为 5700 万美元。若以此增速推算……仅需 3.9 年。沃尔玛目前的市盈率 (P/E) 高达 45 倍。更不用说 $ETOR 还在增长（例如资产管理规模 (AUM) 同比增长 76%+）。
$ETOR has gotta be one of the most undervalued companies on NASDAQ at this point. Feels like markets just forgot about it. $2.1B MC. Net cash $1.2B, no debt. So you're valuing the brokerage at $900m. Forward EV/EBITDA: ~2.6x... Most are valued at 10-15x+. In a couple years, Etoro will have more cash than their marketcap with their existing $1.2B cash pile. Net income per quarter (Q3) was $57 million. If you use that number growing forward... 3.9 years. Walmart is valued at 45 P/E now. Not to mention $ETOR is growing too. (eg. AUM 76%+ Y/Y).