ABCDEFGHIJKLMNOPQRSTUVWXYZ
1
2
3
4
5
6
7
8
palmdigital.io
9
info@palmdigital.io
10
11
Created: 13 March 2023
12
13
Overview
14
This workbook outlines two theoretical valuation models for Filecoin as part of our broader investment thesis on the protocol:
15
1. Monetarist Theory (MV=PQ) (Sheet labelled "Monetarist Valuation")
16
2. Discounted Cash Flows (Sheet labelled "DCF Valuation")
17
And their associated token supply models (Sheets labelled "Supply Projections")
18
The purpose of these models is to estimate the implied growth rate that the current FIL price is implying in order to judge how reasonable this is.
19
20
Instructions
21
 Change the cells shaded in green according to your assumptions
22
23
Disclosures: This model is for illustrative and information purposes only and does not constitute investment advice. Potential clients should please contact Palm Digtal (Pty) Ltd for more information regarding the investment of their monies. Potential clients should also obtain independent investment and tax advice before investing with Palm Digital (Pty) Ltd.

Assumptions made and formulae used in this model may be changed without notice at any time after publication. We therefore disclaim any liability for any loss, liability, damage (whether direct or consequential) or expense of any nature whatsoever which may be suffered as a result of or which may be attributable, directly or indirectly, to the use of or reliance upon this model. Any trading or investment decisions clients take are in reliance on their own analysis and judgement and/or that of their advisors. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice.

The price and value of investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. Certain transactions, including those involving cryptocurrencies, futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors.

© 2023 Palm Capital (Pty) Ltd. No part of this material may be copied or duplicated in any form by any means or redistributed without the prior written consent of Palm Digital (Pty) Ltd. Palm Digital (Pty) Ltd is a juristic representative of Palm Capital (Pty) Ltd, an authorised financial services provider (FSP No. 49206).
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100