Antalpha Platform Holding Co (NASDAQ: ANTA)

Sector: Financial Services Industry: Credit Services CIK: 0002044255
Market Cap 176.88 Mn
P/B 1.62
P/E 40.26
P/S 3.73
ROIC (Qtr) 0.00
Div Yield % 0.00
Rev 1y % (Qtr) 61.70
Total Debt (Qtr) 849.63 Mn
Debt/Equity (Qtr) 7.80

About

Price action

Investment thesis

Bull case

  • Strong tangible asset base of 2.32B provides 2.73x coverage of total debt 849.63M, indicating robust asset backing and low credit risk.
  • Long-term investments of 515.62M provide solid 0.99x coverage of long-term debt 520.88M, indicating strategic financial planning.
  • Robust tangible asset base of 2.32B provides 26.15x coverage of working capital 88.57M, indicating strong operational backing.
  • Long-term investments of 515.62M provide solid 5.82x backing of working capital 88.57M, showing strategic capital allocation.
  • Short-term investments of 403.17M provide healthy 4.55x coverage of working capital 88.57M, indicating strong liquidity.

Bear case

  • Short-term investments of 403.17M significantly exceed cash reserves of 6.62M, which is 60.91x, indicating potentially excessive yield-seeking behavior at the expense of liquidity.
  • Short-term investments of 403.17M represent 4.55x of working capital 88.57M, suggesting potentially excessive financial asset allocation versus operational needs.
  • Short-term investments of 403.17M exceed receivables of 11.86M by 34.01x, indicating potentially inefficient capital allocation given collection cycle needs.
  • Cash reserves of 6.62M provide minimal coverage of other current liabilities of 690.76M, which is 0.01x, indicating elevated short-term liquidity risk.
  • Other current liabilities of 690.76M represent a high 58.26x of receivables 11.86M, suggesting potential short-term liquidity pressure.

Peer comparison

Companies in the Credit Services
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 V Visa Inc. 627.72 Bn 30.19 15.17 21.18 Bn
2 MA Mastercard Inc 503.39 Bn 41.07 19.08 18.98 Bn
3 AXP American Express Co 303.26 Bn 43.48 7.90 59.23 Bn
4 COF Capital One Financial Corp 87.95 Bn 10.75 2.98 51.48 Bn
5 PYPL PayPal Holdings, Inc. 63.06 Bn 41.82 5.36 11.28 Bn
6 SYF Synchrony Financial 60.30 Bn 27.51 8.82 14.43 Bn
7 SOFI SoFi Technologies, Inc. 24.75 Bn 38.66 7.45 2.81 Bn
8 ALLY Ally Financial Inc. 13.36 Bn 48.60 1.70 20.63 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.00 1.22
EV to Cash from Ops. EV to Cash from Ops. 0.00 5.71
EV to Debt EV to Debt 0.00 3.51
EV to EBIT EV to EBIT 0.00 -251.41
EV to EBITDA EV to EBITDA 0.00 -56.97
EV to Free Cash Flow [EV/FCF] EV to Free Cash Flow [EV/FCF] 0.00 7.00
EV to Market Cap EV to Market Cap 0.00 10.93
EV to Revenue EV to Revenue 0.00 17.60
Price to Book Value [P/B] P/B 1.62 3.99
Price to Earnings [P/E] P/E 40.26 14.65
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 1.69
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 2.36
Dividend per Basic Share Div per Share (Qtr) 0.00 0.73
FCF Dividend Payout Ratio % FCF Dividend Payout Ratio % 0.00 5.13
Interest Coverage Interest Coverage 0.00 -71.83
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex Growth (1y) % 0.00 -86.32
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 0.00 8.35
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 5.92
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 0.00 -26.82
EBITDA Growth (1y) % EBITDA Growth (1y) % 0.00 -2.64
EBIT Growth (1y) % EBIT 1y % (Qtr) 0.00 10.83
EBT Growth (1y) % EBT 1y % (Qtr) 0.00 -23.25
EPS Growth (1y) % EPS 1y % (Qtr) 0.00 -95.94
FCF Growth (1y) % FCF Growth (1y) % 0.00 143.06
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 0.00 8.01
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.00 0.24
Cash Payout Ratio Cash Payout Ratio 0.00 0.05
Cash Ratio Cash Ratio (Qtr) 0.01 0.31
Current Ratio Curr Ratio (Qtr) 1.09 0.89
Debt to Equity Ratio Debt/Equity (Qtr) 7.80 5.20
Interest Cover Ratio Interest Cover Ratio 0.00 -71.83
Times Interest Earned Times Interest Earned 0.00 -71.83
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % 0.00 -19.13
EBIT Margin % EBIT Margin % (Qtr) 0.00 -6.83
EBT Margin % EBT Margin % (Qtr) 0.00 -30.00
Gross Margin % Gross Margin % (Qtr) 0.00 74.13
Net Profit Margin % Net Margin % (Qtr) 0.00 -43.99