Metalpha Technology Holding Limited (MATH) | Investment Case

1. Company Snapshot

1.a. Company Description

Metalpha Technology Holding Limited, together with its subsidiaries, provides wealth management services in Hong Kong.The company offers digital asset-based wealth management services, which include issuing traditional financial and cryptocurrency derivative products to over-the-counter clients, providing crypto derivative market making services, and proprietary trading of digital assets and crypto derivative products; and securities advising and asset management services.It serves institutional investors and high-net-worth individuals.

The company was formerly known as Dragon Victory International Limited and changed its name to Metalpha Technology Holding Limited in November 2022.The company was incorporated in 2015 and is headquartered in Wan Chai, Hong Kong.

Show Full description

1.b. Last Insights on MATH

Metalpha Technology Holding Limited's recent performance was driven by strategic expansion and enhanced market presence. The company's listing on the Frankfurt Stock Exchange on May 20, 2025, marked a significant milestone, providing investors with increased accessibility and diversification options. Additionally, the appointment of Liu Yi as Senior Advisor for Crypto Mining Partnerships on March 11, 2025, underscores the company's commitment to strengthening its partnerships and expertise in the digital asset wealth management sector.

1.c. Company Highlights

Last Price	2.35
Change Percentage	-7.48%
Open	2.56
Previous Close	2.54
Market Cap ( Millions)	93
Volume	84514
Year High	4.17
Year Low	0.99
M A 50	2.96
M A 200	2.84

FCF Yield	0.03%
Dividend Yield	0.00%
ROE	59.52%
Debt / Equity	0.58%
Net Debt / EBIDTA	-41.58%
Price To Book	2.48
Price Earnings Ratio	5.7
Price To FCF	3760.84
Price To sales	2.08
EV / EBITDA	5.34

2. Transcript Summary

Unfortunately this company is not part of our coverage yet. But as part of your subscription plan you can request it by clicking just below and we'll process.

Request Coverage

3. NewsRoom

Nasdaq-Listed Metalpha and Pioneering Investment Group Avenir Group Forge Alliance to Shape Future of Digital Assets

Nov -06

Source: prnewswire.com

Metalpha Announces 12 Million USD Strategic Investment by Gortune and Avenir Group

Oct -30

Source: prnewswire.com

Metalpha: A High-Risk, High-Reward Turnaround Story Trading At A Deep Discount

Oct -26

Source: seekingalpha.com

Metalpha Partners with AMINA Bank the Swiss crypto-focused bank to Advance Digital Asset Wealth Management in Hong Kong

Aug -28

Source: prnewswire.com

Metalpha Reports a Nearly Tripled Revenue Surge & First Positive Annual Profit in FY2025

Jul -31

Source: prnewswire.com

Former Asia Head of Rothschild joins Digital-Asset Wealth Firm Metalpha

Jul -25

Source: prnewswire.com

Metalpha Announces Successful Conclusion of Next Generation Fund with Exceptional Performance

Jun -12

Source: prnewswire.com

Metalpha Partners with DogeOS to Expand Crypto Innovation and Promote Dogecoin's Vision

Jun -05

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (15.40%)

6. Segments

Metalpha

Expected Growth: 15.4%

Growing demand for AI-powered trading platforms, increasing adoption of real-time market data and insights, and rising need for informed investment decisions drive the growth of Metalpha's trading platform.

7. Detailed Products

Metalpha AI Platform

A cloud-based artificial intelligence platform that enables businesses to build, deploy, and manage AI models at scale.

Metalpha Data Analytics

A data analytics solution that provides real-time insights and visualization tools to help businesses make data-driven decisions.

Metalpha Cybersecurity Solutions

A suite of cybersecurity solutions that provide threat detection, incident response, and security consulting services to protect businesses from cyber threats.

Metalpha Cloud Services

A range of cloud services, including infrastructure, platform, and software as a service, that enable businesses to migrate, deploy, and manage applications in the cloud.

Metalpha Digital Transformation Consulting

A consulting service that helps businesses develop and implement digital transformation strategies to improve operational efficiency and customer experience.

8. Metalpha Technology Holding Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

Metalpha Technology Holding Limited has a moderate threat of substitutes due to the presence of alternative technologies and products in the market.

Bargaining Power Of Customers

Metalpha Technology Holding Limited has a high bargaining power of customers due to the concentration of buyers in the market and the availability of alternative products.

Bargaining Power Of Suppliers

Metalpha Technology Holding Limited has a low bargaining power of suppliers due to the presence of multiple suppliers in the market and the company's ability to negotiate prices.

Threat Of New Entrants

Metalpha Technology Holding Limited has a moderate threat of new entrants due to the presence of barriers to entry and the company's established market position.

Intensity Of Rivalry

Metalpha Technology Holding Limited operates in a highly competitive market with many established players, leading to a high intensity of rivalry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	1.53%
Debt Cost	3.95%
Equity Weight	98.47%
Equity Cost	1.50%
WACC	1.54%
Leverage	1.55%

11. Quality Control: Metalpha Technology Holding Limited passed 2 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

EIC

A-Score: 6.6/10

Value: 5.6

Growth: 5.9

Quality: 3.7

Yield: 6.0

Momentum: 8.5

Volatility: 10.0

1-Year Total Return ->

Euro Tech Holdings

A-Score: 6.1/10

Value: 6.3

Growth: 6.0

Quality: 7.1

Yield: 5.0

Momentum: 5.0

Volatility: 7.3

1-Year Total Return ->

$Stock-Card$

Metalpha Technology Holding

A-Score: 5.1/10

Value: 3.8

Growth: 9.2

Quality: 8.4

Yield: 0.0

Momentum: 5.0

Volatility: 4.3

1-Year Total Return ->

Chorus Aviation

A-Score: 4.7/10

Value: 7.8

Growth: 2.2

Quality: 4.7

Yield: 0.0

Momentum: 6.0

Volatility: 7.7

1-Year Total Return ->

VCI Global

A-Score: 4.5/10

Value: 10.0

Growth: 7.2

Quality: 8.4

Yield: 0.0

Momentum: 1.0

Volatility: 0.3

1-Year Total Return ->

Caravelle

A-Score: 3.6/10

Value: 7.6

Growth: 2.3

Quality: 4.2

Yield: 0.0

Momentum: 6.0

Volatility: 1.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

9.21%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

1.54%

Metalpha Technology Holding Limited - US00768Y8268

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on MATH

1.c. Company Highlights

Better Quality

Cheaper

Average Growth

Average Quality

Stable Momentum

Average Yield

Fairly Valued

Strong Momentum

Expensive

Higher Growth

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (15.40%)

6. Segments

Metalpha

Expected Growth: 15.4%

7. Detailed Products

Metalpha AI Platform

Metalpha Data Analytics

Metalpha Cybersecurity Solutions

Metalpha Cloud Services

Metalpha Digital Transformation Consulting

8. Metalpha Technology Holding Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Metalpha Technology Holding Limited passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.35$

Current Price

2.35$

Potential

0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA