Research Updates & Corrections
All changes to data, methodology, or price targets documented here.
| Item Changed | From | To | Reason |
|---|---|---|---|
| DCF terminal value methodology | Not discounted to PV | Properly discounted ÷ 2.0114 | Methodological error corrected |
| DCF WACC (base case) | 22% | 15% | Justified by SEC-filed JV + audited operations |
| DCF base case per share | $7.60 | $7.08 | Result of corrected terminal value discounting |
| Blended price target | $12.34 | $12.00 | Rounded down for credibility |
| Free cash framing | $129.5M "cash per share" story | ~$30M free cash (post-Aberfeldy) | Aberfeldy closed Jan 30; ~$100M deployed |
| Thesis framing | Cash discount thesis | Asset portfolio / SOTP thesis | Cash converted to $140M asset; not a discount story |
| Scenario targets | Bear $5.20 / Base $9.25 / Bull $26.00 | Bear $6.00 / Base $10.25 / Bull $26.00 | Rounded to clean price targets for publication |
| All pages | Pre-Aberfeldy data | Post-Aberfeldy balance sheet | Jan 30, 2026 acquisition reflected throughout |
| Event | Date | Status |
|---|---|---|
| StablecoinX shareholder vote | March 10, 2026 | Pending |
| StablecoinX close as USDE | ~March 2026 | Pending |
| Aberfeldy Q1 revenue contribution | Q1 2026 10-Q | Pending |
| aiRWA Exchange commercial launch | H1 2026 | Pending |
| 26 Rafael public financials | TBD | Pending |
All figures derived from publicly filed SEC documents including 10-Q, 8-K, Form 4, Schedule 14A, and Form S-4 filings. This site is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell any security. Micro-capitalization securities involve substantial risk of loss including total loss of principal. The author may hold a long position in YYAI. Readers should conduct independent due diligence and consult qualified financial advisors before making investment decisions. Last updated: March 2026.