What I’m Doing

Three updates, price targets, and a comprehensive valuation model

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In this article, I’ll go over Nebius to analyze whether there is still upside left. I’ll also comment on other companies in the portfolio, including two semi plays, share what opportunities I’m seeing lately, and explain what the next articles will be about.

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For all the new subscribers, I’ll explain how I value data center companies.

Instead of using vague valuation approaches based on what EBITDA a company will generate in a few years, then applying a multiple and a discount rate, I analyze these companies much deeper than that.

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What I do is go site by site, valuing each project based on its specific characteristics, and then I add everything together. For the growth potential upside, I use the same valuation approach for data centers that have not been signed or constructed yet, and I also value the rest of the power pipeline using a data-based approach.

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After I’ve valued every asset from these companies, used and unused, approved and unapproved, I add everything together and discount it to the present to reach what would be my fair value for the company.

If the fair value comes considerably above the current price, I invest in them.

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I take this same approach with Nebius to analyze its true upside beyond hype, momentum, or surface-level analysis.

Time to get into it.

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