Bitcoin Depot Company Overview
Detailed Comparable Companies Statistics
($ in millions, except per share date)
Company Name
Digital Financial Services
Valuation Metrics
Operating Metrics
Market
(1)
Enterprise
(2)
EV/EBITDA
Revenue
Gross Profit
EBITDA
Revenue Growth
EBITDA Margin
Cap
Value
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
PayPal
$90,632
$90,742
13.3x
Block (Square)
48,839
48,256
52.6x
37.3x
11.8x $27,517
17,488
$29,982
19,987
5,928
$13,669 $14,580
7,183
$6,837
$7,720
8.5%
9.0%
24.8%
25.7%
918
1,295
(1.0)%
14.3%
15.5%
18.0%
Global Payments
30,672
42,554
10.9x
10.2x
8,068
8,529
5,491
5,690
3,890
4,163
4.3%
5.7%
48.2%
48.8%
Jack Henry
13,164
13,428
21.1x
19.3x
2,020
2,171
840
906
635
696
14.9%
7.5%
31.4%
32.1%
Coinbase
12,701
10,988
NM
NM
3,142
2,879
2,650
2,158
(451)
(92)
(59.9)%
(8.4)%
(14.4)%
(3.2)%
1,049
MoneyGram
1,754
8.6x
7.7x
1,306
1,365
618
641
205
227
1.8%
4.5%
15.7%
16.6%
Mean
Bitcoin Depot
(3)
$628
$652
21.3x
17.2x
$9,923
$10,819
$4,866
$5,193
$2,006
$2,335
(5.3)%
5.4%
20.2%
23.0%
$649
$67
$35
36.1%
52.2%
Source: Factset as of January 23, 2023.
Note: Block's EBITDA margin is presented as a percentage of Gross Profit. (Block's Bitcoin Sales are reported on gross transaction basis while other companies' Revenue figures are reported on net fee basis).
Bitcoin Depot's Market Cap and Enterprise Value assume 80% redemption scenario.
(1) Market Capitalization calculated based on fully diluted shares outstanding.
(2) Enterprise Value calculated as Equity Value plus Net Debt (Total Debt less Cash & Cash Equivalents) and Non-Controlling Interest.
(3) Bitcoin Depot's revenue, gross profit, EBITDA, revenue growth and EBITDA margin are LTM as of September 30, 2022. Bitcoin Depot's EBITDA margin is as % of Adj. Gross Profit. Adjusted EBITDA is a non-
GAAP measure. Please see appendix.
BITCOIN DEPOT
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