Coinbase: Cheap, Negative Net Debt, And May Win The War Against Bears

Coinbase intends to open the financial system for the world through the use of cryptocurrency. Coinbase expects to democratize the crypto-economy like Google democratized access to knowledge.Analysts are expecting that the cryptocurrency market size will grow at a CAGR of 11.2%. Under the best-case scenario, I included sales growth of 5%-10% from 2023 to 2030.I also assumed net debt of -$2.59 billion and a share count of 250 million.With CFO/Sales of 27%-31% and capital expenditures of $348 million, I obtained future free cash flow of $1.49-$3.49 billion.Noteholders accepted to receive 0.50% per year and a conversion price of $370.45. This means that most convertible noteholders may believe that the fair value is close to $370.45.