Nov. 12 at 3:26 PM
$TRON Asset Discount Unwind: The stock trades at a ~57% discount to book value (
$2.09 vs.
$3.50+ implied by 3.5-5x P/B). Post-earnings, this gap should narrow as investors price in the TRX treasury's liquidity and upside. If TRX appreciates 20-30% (to
$0.36-
$0.39, per analyst forecasts for late 2025), the treasury alone could justify
$2.80-
$3.00/share, leaving room for operational value.
Peer Comparables: Crypto treasury firms like Bit Digital or Hut 8 trade at 1.5-4x book amid bull markets. Tron's entertainment pivot (e.g., Justin Sun advisory ties) adds a DeFi moat, supporting a premium. Traditional toy peers (e.g., Hasbro) trade at 2-3x book, but Tron's crypto exposure warrants higher.
Earnings Multiple (Forward): Applying a 25-35x P/E to normalized 2026 EPS (~
$0.10-
$0.15/share, assuming sustained TRX yields and modest revenue growth to
$6-8 million) yields
$2.50-
$5.25. Q3's profitability de-risks the story.
