Feb. 24 at 12:34 PM
$ATON Equity research coverage initiated.
Rating: Buy. Price target:
$2.00.
H.C. Wainwright / ATON: Telegram Ecosystem Convergence and Closing the Gap Between
$10M Market Cap and 1B Users; Initial Coverage, Buy
Analyst DCF model based on 1,080 GPUs generating
$4/hour at 80% utilization by end of March. Conservative model returns
$3.00, haircut to
$2.00 to account for early-stage risk factors.
Key catalysts identified: GAMEE acquisition closing (120M users), GPU deployment completion, first Telegram-related revenue recognition, and full P&L release.
Telegram founder Pavel Durov has indicated Telegram itself expects to be the largest initial consumer of GPU hours.
Full report:
https://hcwco.bluematrix.com/links2/pdf/434e32c9-fada-4800-8ecd-1000eba36fa2
