ABCDEFGHIJKLMNOPQRSTUVWXYZAAABACADAEAFAGAHAI
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Case
Mid Case
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Demand-Supply Based Valuation
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1/1/2022
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2021202220232024202520262027Total
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Token Demand
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Demand from Buybacks
$97M$731M$2,187M$3,783M$5,538M$7,188M$8,737M
Note: By the end of 2027, the mid case implied avg. daily Tx volume of ~$22B. This would be 11X Uniswap's current daily Tx and ~13% of the last reported ~$169B on the NYSE. Both of these are reasonable figures given growth of crypto exchanges
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Buyback QoQ Growth Rate
150%50%25%10%10%5%5%
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Implied Average Weekly Buyback
$2M$14M$42M$73M$107M$138M$168M
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Incremental Demand for New Tokens
50%50%50%50%50%50%50%
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Additional Demand Volume
$49M$365M$1,094M$1,891M$2,769M$3,594M$4,368M
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Total Implied Dollar Demand
$146M$1,096M$3,281M$5,674M$8,307M$10,782M$13,105M
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Token Supply
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Number of Addessable Days fo Unlocking
1423653653653653652232190
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Tokens Unlocked per Day
4M4M4M4M4M4M4M
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Total Tokens Unlocked
584M1,500M1,500M1,500M1,500M1,500M916M
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Cumulative Tokens Unlocked
1,000M1,584M3,084M4,584M6,084M7,584M9,084M10,000M
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Number of Validators
25104183262341420500
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Min Tokens per Validator
1M1M1M1M1M1M1M
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Min Tokens Locked
25M104M183M262M341M420M500M
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% of Unlocked + Unstaked Tokens Entering Supply
25%25%25%25%25%25%25%
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Unlocked Tokens Entering Supply
146M355M355M355M355M355M209M
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Reserve Tokens Entering Supply
60M154M154M154M154M154M94M
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Total Tokens Entering Supply
206M509M509M509M509M509M303M
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Average Implied Price per Token
$0.7$2.2$6.4$11.1$16.3$21.2$43.2
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P/E Based Valuation
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Inputs & Assumptions
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Source:
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Number of Tokens in Circulating Supply
50M
https//projectserum.com/srm-faq
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Initial Token Unlocks
8/11/2021
https://www.coinbureau.com/review/serum-srm/
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Curret Token Price
$10.5
https://www.coingecko.com/en/coins/serum
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Est. P/E Ratio Bookends
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$SRM P/E Ratio BookendsQuarterly Earnings Growth
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100%150%200%250%
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1Q21A$3.8M$3.8M$3.8M$3.8M
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2Q21E$7.7M$9.6M$11.5M$13.4M
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3Q21E$15.3M$24.0M$34.5M$47.0M
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4Q21E$30.7M$59.9M$103.6M$164.5M
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Total$57.6M$97.4M$153.5M$228.8M
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Total Tokens in Circulation50M50M50M50M
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Est. EPS$1.15$1.95$3.07$4.58
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Current Token Price$10.5$10.5$10.5$10.5
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Est. Forward PE Ratio9X5X3X2X
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Publicly Listed Comparables
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Coinbase710X
https//stockanalysis.com/stocks/coin/statistics/
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