Bitdeer Technologies Group

Where It Passes

Where It Falls Short

• Profitability0% pass✗ 35▾

  All 16 investors flag BTDR's profitability

  Positive EPS (10 years)1/6 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)-32566.7%

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)1/6 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-52.4%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)-168.6% (latest)

  ✗BuffettStable or rising over 10 years

  Free Cash Flow Proxy$-637.5M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)N/A (negative mean EPS)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE-216.6%

  ✗Lynch> 15%

  Net Income / Total Assets-38.46%

  ✗PiotroskiROA > 0

  ROA Change YoY-8.86% -> -38.46% (delta: -29.60%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROA

  ✗PiotroskiCFO/Assets > ROA

  Pre-Tax Income / Revenue-172.0%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-216.6%

  ✗Dreman> 12%

  Return on Equity-216.6%

  ✗Munger> 15%✗AkreROE > 20% (3-year avg)

  Margin of SafetyP/TBV=6.8x

  ✗PabraiP/TBV < 1.5 or P/E < 15

  ROE (high and growing)FY2022: ROE=-19.0%; FY2023: ROE=-17.0%; FY2024: ROE=-216.6%

  ✗AkreLatest 3 consecutive FYs: ROE > 15% in each

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency1/5 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue-168.6%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-216.6%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-18.2% (2022) -> -168.6% (2024)

  ✗TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 25.0% -> 19.0%, operating margin -18.2% -> -168.6%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  ROE (5-year)1/5 years above 12% (latest -216.6%)

  ✗SleepROE > 12% in a majority of years

  Net income / market capitalization-38.74%; #4931/6340 (top 77.8%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+4.26%; #3142/3702 (top 84.9%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity-216.61%; #4901/5226 (top 93.8%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.1821; #4128/5884 (top 70.2%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years1/5 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Valuation0% pass✓ 2✗ 24▾

  No clean pass — all 12 investors flag at least one valuation criterion

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Tangible-Book Ratio6.8x

  ✗Graham<= 1.5x

  P/E x P/TBV

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)

  ✗Dreman< 8x

  Price / Tangible Book Value per Share6.8x

  ✗Dreman< 1.2x✗SchlossP/TBV <= 1.00x (app cutoff)

  Valuation ReasonablenessOE Yield=-59.2%

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF Yield

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/B=3.9x

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share

  ✗Ackman<= 25

  Price vs. Trailing Low100% of trailing low ($5.60)

  ✓Templeton<= 120% of trailing low (certified split-adjusted live window)

  Price / Book Value per Share3.9x

  ✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Net income / market capitalization-38.74%; #4931/6340 (top 77.8%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.1788; #4300/6449 (top 66.7%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Book Value per Share Change+12381.6%

  ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.2261; #3656/5247 (top 69.7%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-47.93%; #5081/6202 (top 81.9%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Cash Flow0% pass✗ 12▾

  All 10 investors flag BTDR's cash flow

  Free Cash Flow Proxy$-637.5M

  ✗BuffettPositive and growing

  FCF Positive and Growing

  ✗LynchPositive and growing

  Operating Cash Flow

  ✗PiotroskiCFO > 0

  (CFO / Total Assets) vs ROA

  ✗PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)

  ✗Dreman< 8x

  P/E or FCF Yield

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive

  ✗MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap

  ✗Ackman>= 4%

  Price / FCF per Share

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency

  ✗SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section
• Growth0% pass✗ 12▾

  All 8 investors flag BTDR's growth

  EPS Growth (3-yr avg, 10-yr window)-32566.7%

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  EPS Growth Direction$0.00 (2020) -> $-4.36 (2024)

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency1/5 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth-5.1%

  ✗Ackman>= 5%

  Positive EPS Growth Frequency1/4 years with positive EPS growth

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 25.0% -> 19.0%, operating margin -18.2% -> -168.6%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Efficiency0% pass✗ 3▾

  All 3 investors flag BTDR's efficiency

  Revenue / Total Assets Change YoY0.58x -> 0.22x

  ✗PiotroskiImproved YoY

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROE (5-year)1/5 years above 12% (latest -216.6%)

  ✗SleepROE > 12% in a majority of years
• Verdicts0% pass✗ 15▾

  Split decision: 15 FAIL · 1 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (1/7)✗BuffettFAIL (0/6)✗LynchFAIL (0/4)✗PiotroskiFAIL (F-Score 1)✗DremanFAIL (1/9)✗MungerFAIL (0/3)✗PabraiFAIL (0/3)✗AkreFAIL (0/5)✗MarksFAIL (0/4)✗AckmanFAIL (1/8)✗TempletonFAIL (3/8)✗SleepFAIL (0/6)✗AsnessFAIL (Rank #2342/2370 (Top 98.8%))✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
• Debt & Leverage50% pass✓ 3✗ 2▾

  2 of 4 pass — Asness and Schloss object

  LT Debt / Total Assets Change3.54% -> 0.00%

  ✓PiotroskiDecreased YoY

  Total Debt / Shareholders' Equity0.75

  ✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x

  Negative debt-to-equity (higher means less debt)-0.7525; #2919/4210 (top 69.3%)

  ✗AsnessTop 30% of eligible cross-section

  Current Assets / Current Liabilities0.86x

  ✗SchlossCurrent ratio >= 1.50x (app cutoff)