Company Valuation: IREN Limited

Data adjusted to current consolidation scope
Fiscal Period: June 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 177.6 256.2 1,655 3,524 12,906 - -
Change - 44.23% 545.9% 112.94% 266.23% - -
Enterprise Value (EV) 1 176 188.8 1,252 3,922 15,777 18,654 19,176
Change - 7.28% 563.22% 213.28% 302.24% 18.24% 2.8%
P/E ratio -0.33x -1.49x -38.9x 37.4x 99.4x -101x -51.2x
PBR 0.31x 0.84x 1.03x 2.07x 2.56x 2.32x -16.9x
PEG -0x 0x 0.4x -0x 440.52x 1x -0.5x
Capitalization / Revenue 3.01x 3.39x 8.77x 6.9x 12.7x 4.42x 3.2x
EV / Revenue 2.98x 2.5x 6.63x 7.68x 15.5x 6.39x 4.75x
EV / EBITDA 6.71x 137x 22.9x 14.5x 32.9x 8.58x 6.23x
EV / EBIT 9.52x -6.4x 307x 44.3x -165x 26.9x 19x
EV / FCF - - -14x -12x -2.94x -4.82x -5.11x
FCF Yield - - -7.12% -8.35% -34% -20.7% -19.6%
Dividend per Share 2 - - - - - - -
Rate of return - - - - - - -
EPS 2 -10.25 -3.138 -0.29 0.39 0.3909 -0.3838 -0.759
Distribution rate - - - - - - -
Net sales 1 59.04 75.51 188.8 510.4 1,018 2,921 4,039
EBITDA 1 26.23 1.379 54.7 269.7 479.6 2,175 3,080
EBIT 1 18.49 -29.48 4.077 88.6 -95.47 693.5 1,009
Net income 1 -419.8 -171.9 -28.96 86.9 123 -291.3 -644.3
Net Debt 1 -1.683 -67.45 -402.9 398.2 2,871 5,749 6,271
Reference price 2 3.35 4.66 11.29 14.57 38.84 38.84 38.84
Nbr of stocks (in thousands) 53,029 54,983 146,584 241,867 332,280 - -
Announcement Date 9/13/22 9/13/23 8/28/24 8/28/25 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
99.37x15.5x32.89x-.--% 12.91B
51.96x6.51x18.54x-.--% 52.76B
-1.31x - - - 9.42B
-9.32x - - - 5.43B
133.86x9.85x23.27x-.--% 4.78B
-3.8x - - - 2.46B
-9.67x16.15x-14.52x - 1.88B
-0.79x9.43x-6.58x - 1.02B
Average 32.54x 11.49x 10.72x 0% 11.33B
Weighted average by Cap. 50.43x 8.60x 20.18x 0%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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