Nebius Group N.V. (NBIS): A Bull Case Theory

We came across a bullish thesis on Nebius Group N.V. (NBIS) on Substack by Oliver | MMMT Wealth. In this article, we will summarize the bulls’ thesis on NBIS. Nebius Group N.V. (NBIS)’s share was trading at $21.05 as of April 7^th.

A panoramic aerial view of a modern data center with high-performance computing.

Nebius (NBIS) has emerged as a rising star in the retail investing community, drawing attention for its ambitious goals in the AI infrastructure space and its compelling valuation. Currently valued at an enterprise value of $2.7 billion, NBIS expects to generate $500–700 million in revenue by 2025, implying a forward EV/sales multiple of around 4.9x—already ahead of tech giants like Amazon and Google. However, the real opportunity lies in its long-term scalability. With plans to deploy 240,000 GPUs by 2028, the company is projected to reach $3.5–4 billion in annual recurring revenue. Even applying a conservative 20% EBITDA margin and a 10x EV/EBITDA multiple, this would value the core infrastructure business alone at roughly $7 billion—more than double today’s enterprise value. This estimate doesn’t even account for NBIS’s adjacent growth engines: Avride, Toloka, TripleTen, and ClickHouse, which together could conservatively add $2–3 billion in value. Despite a turbulent market backdrop, if NBIS executes on its roadmap and meets analyst expectations, the stock appears significantly undervalued.

Nebius Group N.V. (NBIS) is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 66 hedge fund portfolios held NBIS at the end of the fourth quarter which was 10 in the previous quarter. While we acknowledge the risk and potential of NBIS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than NBIS but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article was originally published at Insider Monkey.