Nebius Group N.V. (NASDAQ: NBIS)

Sector: Communication Services Industry: Internet Content & Information CIK: 0001513845
Market Cap 23.18 Bn
P/B 4.82
P/E 106.27
P/S 68.17
ROIC (Qtr) -7.13
Div Yield % 0.00
Rev 1y % (Qtr) 355.14
Total Debt (Qtr) 4.51 Bn
Debt/Equity (Qtr) 0.94

About

Price action

Investment thesis

Bull case

  • Healthy cash reserves of 4.90B provide 306.37x coverage of short-term debt 16M, demonstrating strong liquidity position and minimal refinancing risk.
  • Tangible assets of 10.08B provide exceptional 646.42x coverage of deferred revenue 15.60M, showing strong service capability backing.
  • Tangible assets of 10.08B provide robust 193.18x coverage of other current liabilities 52.20M, indicating strong asset backing.
  • R&D investment of 159.90M represents healthy 10.25x of deferred revenue 15.60M, indicating strong future innovation pipeline.
  • Cash reserves of 4.90B provide robust 6.17x coverage of current liabilities 794.60M, indicating strong short-term solvency.

Bear case

  • Investment activities of 0 provide weak support for R&D spending of 159.90M, which is 0x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of 0 provides insufficient coverage of deferred revenue obligations of 15.60M, which is 0x, raising concerns about future service delivery capabilities.
  • Operating cash flow of 0 provides minimal -0x coverage of tax expenses of (300000), suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Retained earnings of 3.57B provide limited buffer against comprehensive income items of (1.30M), which is -2745.62x, indicating elevated exposure to market risks.
  • Operating cash flow of 0 barely covers operating expenses of 256.70M with a 0 ratio, suggesting thin operational efficiency margins and limited flexibility.

Segments Breakdown of Revenue (2024)

Peer comparison

Companies in the Internet Content & Information
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 GOOGL Alphabet Inc. 4,640.35 Bn 165.77 32.68 33.71 Bn
2 META Meta Platforms, Inc. 1,686.65 Bn 27.90 8.39 83.90 Bn
3 SPOT Spotify Technology S.A. 90.36 Bn 54.66 4.55 2.57 Bn
4 BIDU Baidu, Inc. 53.33 Bn 42.19 2.91 13.66 Bn
5 TME Tencent Music Entertainment Group 24.29 Bn 15.53 5.45 0.54 Bn
6 RDDT Reddit, Inc. 23.38 Bn 66.97 12.28 0.03 Bn
7 NBIS Nebius Group N.V. 23.18 Bn 106.27 68.17 4.51 Bn
8 PINS Pinterest, Inc. 13.48 Bn 6.78 3.32 0.21 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 2.07 1.01
EV to Cash from Ops. EV/CFO 85.17 -2.25
EV to Debt EV to Debt 4.64 25.07
EV to EBIT EV/EBIT 91.86 -22.95
EV to EBITDA EV/EBITDA -59.02 11.41
EV to Free Cash Flow [EV/FCF] EV/FCF -37.32 27.73
EV to Market Cap EV to Market Cap 0.90 1.17
EV to Revenue EV/Rev 61.52 129.45
Price to Book Value [P/B] P/B 4.82 1.09
Price to Earnings [P/E] P/E 106.27 4.69
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 0.33
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 -9.05
Dividend per Basic Share Div per Share (Qtr) 0.00 0.31
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 2.62
Interest Coverage Int. cover (Qtr) 23.00 -207.53
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 -24.80
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 114.23 178.93
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.48
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 138.91 32.08
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 0.00 -478.54
EBIT Growth (1y) % EBIT 1y % (Qtr) 138.70 32.57
EBT Growth (1y) % EBT 1y % (Qtr) 137.02 -26.72
EPS Growth (1y) % EPS 1y % (Qtr) 0.00 -16.98
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 17.02
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 601.96 20.10
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.03 0.73
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.02
Cash Ratio Cash Ratio (Qtr) 6.17 1.52
Current Ratio Curr Ratio (Qtr) 6.57 3.38
Debt to Equity Ratio Debt/Equity (Qtr) 0.94 -0.39
Interest Cover Ratio Int Coverage (Qtr) 23.00 -207.53
Times Interest Earned Times Interest Earned (Qtr) 23.00 -207.53
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 0.00 -4,345.07
EBIT Margin % EBIT Margin % (Qtr) 66.97 -4,854.87
EBT Margin % EBT Margin % (Qtr) 64.06 -5,073.45
Gross Margin % Gross Margin % (Qtr) 63.20 58.35
Net Profit Margin % Net Margin % (Qtr) 64.10 -5,074.39