Nebius Group NV

Section 1: Company Overview and Fundamentals

1.1 Company Overview:

Nebius Group NV (NASDAQ: NBIS) is a Netherlands-based infrastructure company operating in the technology industry. The Company is engaged in developing a portfolio of artificial intelligence-related technology assets. It is involved in creating an artificial intelligence-centric player to integrate the essential elements of artificial intelligence development with infrastructure, data and advisory globally. It offers products and services such as a cloud platform for artificial intelligence-related workloads, development team services for autonomous vehicles, and development of generative artificial intelligence. 

Kalkine’s American Tech Report covers the Company Overview, Key positives & negatives, Investment summary, Key investment metrics, Top 10 shareholding, Business updates and insights into company recent financial results, Key Risks & Outlook, Price performance and technical summary, Target Price, and Recommendation on the stock.

Price Performance:

• NBIS's share price has given a return of a mere 1.92% in the past three months. Similarly, the stock has given a return of 5.37% over the YTD basis.

• The stock is leaning towards the lower band of its 52-week range of USD 50.87 and 52-week low price of USD 14.09, with the current price near an important support area of USD 25.00- USD 27.00, therefore an expectation of upward movement if the levels sustain.
• The price is currently below both its short-term (50-day) SMA and long-term (200-day) SMA, with the current RSI of 47.76, slightly upward moving, with expectations of upward momentum.               
  

1.2 The Key Positives, Negatives, and Investment summary   

1.3 Top 10 shareholders:

The top 10 shareholders together form ~29.19% of the total shareholding, signifying diverse shareholding. Orbis Investment Management Ltd. And Fidelity Management & Research Company LLC, are the biggest shareholders, holding the maximum stake in the company at ~7.86% and ~4.00%, respectively.

Section 2: Business Updates and Financial Highlights

2.1 Recent Updates:

The below picture gives an overview of the recent updates:

2.2 Insights of FY24:

Section 3: Key Risks and Outlook:

Section 4: Stock Recommendation Summary:

4.1 Technical Summary:

 Price Performance:

• NBIS's share price has given a return of a mere 1.92% in the past three months. Similarly, the stock has given a return of 5.37% over the YTD basis.

• The stock is leaning towards the lower band of its 52-week range of USD 50.87 and 52-week low price of USD 14.09, with the current price near an important support area of USD 25.00- USD 27.00, therefore an expectation of upward movement if the levels sustain.
• The price is currently below both its short-term (50-day) SMA and long-term (200-day) SMA, with the current RSI of 47.76, slightly upward moving, with expectations of upward momentum.  

4.2 Fundamental Valuation

Valuation Methodology: EV/Sales Multiple Based Relative Valuation    

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is March 24, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: The report publishing date is as per the Pacific Time Zone.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

 Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

Stop-loss: It is a level to protect against further losses in case of unfavorable movement in the stock prices.