MODEL VERDICT
Grayscale Ethereum Mini Trust (ETH)
Relative Valuation•Peer multiples, Monte Carlo simulation & quality-adjusted fair value
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Composite score derived from valuation, quality, and risk factors
Quantitative model thresholds · For educational and research purposes only
Each row records the model's monthly assessment. High Conviction = the model detected notable undervaluation vs peers. Neutral = no notable divergence was found. The return column shows the actual price change over 90 days for reference. This is a quantitative observation log — not investment advice.
| Date | Assessment | Score | Price | Status | 90d Fwd Return |
|---|---|---|---|---|---|
| May 1, 2026 | NEUTRAL | 0.40 | $21.90 | CURRENT | — |
| Apr 24, 2026 | NEUTRAL | 0.40 | $22.04 | CURRENT | — |
| Apr 17, 2026 | NEUTRAL | 0.40 | $23.06 | CURRENT | — |
| Apr 16, 2026 | NEUTRAL | 0.42 | $22.55 | CURRENT | — |
| Apr 10, 2026 | NEUTRAL | 0.40 | $21.39 | CURRENT | — |
Historical model observations for research purposes only. Past quantitative patterns do not predict future results. Not a recommendation to buy, sell, or hold any security.
| Methodology | Fair Value | vs Current | Weight | Quality | Status |
|---|---|---|---|---|---|
| Industry Median P/E 591 industry peers | $26.51 | +21.1% | 30% | A | Peer Data |
| Price / Book 640 industry peers | $24.87 | +13.6% | 25% | B | Model Driven |
| Price / Tangible Book 594 bank peers | $25.80 | +17.8% | 20% | B+ | Bank Primary |
| Dividend Yield 501 industry peers | $0.07 | -99.7% | 10% | B | Supplementary |
| Earnings Yield 596 industry peers | $26.65 | +21.7% | 8% | B | Data |
| Forward P/E 573 analyst estimates | $27.05 | +23.5% | 7% | A- | Analyst Est. |
| Weighted Output Blended model output | $25.00 | +14.1% | 100% | 68 | SLIGHTLY UNDERVALUED |
| EPS Growth ↓ | P/E Multiple → | 7× | 9× | 11× (Current) | 13× | 15× |
|---|---|---|---|---|---|
| Bear Case (17%) | $16 | $21 | $26 | $31 | $35 |
| Conservative (28%) | $18 | $23 | $28 | $33 | $39 |
| Base Case (42.7%) | $20 | $26 | $32 | $37 | $43 |
| Bull Case (58%) | $22 | $29 | $35 | $41 | $48 |
Cross-sectional regression predicting expected multiples based on growth, margins, ROIC, and beta.
Based on our peer multiples analysis with 13 valuation metrics, the model estimates ETH's fair value at $25.00 vs the current price of $21.90, implying +14.1% upside potential. Model verdict: Slightly Undervalued. Confidence: 68/100. This is a quantitative estimate, not a recommendation.
The blended fair value of $25.00 is calculated using four lenses: industry median multiples (40%), historical multiples (30%), forward estimates (20%), and quality-adjusted multiples (10%). Monte Carlo simulation (10,000 iterations) gives a range of $19.10 (P10) to $27.93 (P90), with a median of $23.52.
ETH's current P/E of 10.9x compares to the industry median of 13.2x (591 peers in the group). This represents a -17.4% discount to the industry. The historical average P/E is N/Ax over 0 years. Signal: Discount.
10 analysts cover ETH with a consensus rating of Hold. The consensus price target is N/A (range: N/A — N/A), implying N/A upside from the current price. Grade breakdown: Strong Buy (0), Buy (1), Hold (9), Sell (0), Strong Sell (0).
The model confidence score is 68/100, based on: data completeness (30), peer quality (25), historical depth (5), earnings stability (5), and model agreement (3). Cyclicality penalty: -0 points. The model shows moderate agreement across inputs.
The model flags several key risks: (1) Macro/regulatory risks are not captured in this model but remain material.
Peak earnings risk refers to the possibility that ETH's current profitability is above its sustainable long-term trend. The model detects a margin Z-score of -0.8σ, meaning margins are 0.8 standard deviations below their historical average. If margins revert to the 7-year mean (15.4%), the model estimates fair value drops by 8310.0% to approximately $40. This isn't a prediction — it's a scenario analysis.
No. This dashboard is a quantitative research tool for educational and informational purposes only. It is not investment advice, a solicitation, or a recommendation to buy, sell, or hold any security. The operator of this platform is not a registered investment advisor (RIA), broker-dealer, or financial planner. All model outputs, fair value estimates, signals, and scenarios are the result of automated quantitative computations and should not be construed as professional financial guidance. You should consult a qualified, licensed financial advisor before making any investment decisions. Past model performance is not indicative of future results.