Since the start of the year, NVIDIA’s stock price has trebled, while the consensus EBITDA has ‘merely’ doubled, even reaching out to FY25. While inevitably reflecting a medium term multiple expansion to bridge that gap, the actual mechanism is not some sort of opaque PEG type ratio, but the systematic relationship between growth and the […]
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Resources companies can often present a quandary for traditional valuation techniques. Is a hole in the ground a potential asset, or the guys digging it worth an opportunity premium in case they find more gold? They are of course a bit of both, but the long lead times from sinking the capital to delivering the […]
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