Adding expenses to the $ETHFI valuation: - $15.1M in gross fees, but ~77% flows directly to stakers and card users - Net earnings: $3.48M/month → $41.8M "annualized." - Earnings margin: ~22.8% Morpho: Unfprofitable (-5.5% margin) $1.03B mcap Lido: 13.2x P/E, 10% margin $277M mcap EtherfI: 8.3x P/E, 22.8% margin $348M mcap ETHFI is trading at a discount to $LDO at a 2x margin profile. I still think even with expenses, Etherfi is a better buy.
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