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Bitfarms

OTCPK:BFAR.F
Snowflake Description

Fair value with worrying balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BFAR.F
OTCPK
CA$34M
Market Cap
  1. Home
  2. US
  3. Software
Company description

Bitfarms Ltd., through its subsidiaries, engages in the mining of cryptocurrency coins and tokens. The last earnings update was 129 days ago. More info.


Add to Portfolio Compare Print
  • Bitfarms has significant price volatility in the past 3 months.
BFAR.F Share Price and Events
7 Day Returns
-12.6%
OTCPK:BFAR.F
-1%
US Software
-2%
US Market
1 Year Returns
-
OTCPK:BFAR.F
6.5%
US Software
-15.1%
US Market
BFAR.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bitfarms (BFAR.F) -12.6% -41.7% -31.4% - - -
US Software -1% -15% -8.6% 6.5% 91.4% 143.8%
US Market -2% -19.7% -23.2% -15.1% 3.7% 14.4%
1 Year Return vs Industry and Market
  • No trading data on BFAR.F.
  • No trading data on BFAR.F.
Price Volatility
Industry
5yr Volatility vs Market

Value

 Is Bitfarms undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Bitfarms to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Bitfarms.

OTCPK:BFAR.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 9.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 1.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:BFAR.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 1.7%
Equity Risk Premium S&P Global 5.4%
Software Unlevered Beta Simply Wall St/ S&P Global 1.02
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.017 (1 + (1- 26.5%) (88.46%))
1.455
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.45
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.74% + (1.455 * 5.44%)
9.65%

Discounted Cash Flow Calculation for OTCPK:BFAR.F using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Bitfarms is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

OTCPK:BFAR.F DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 9.65%)
2020 4.45 Est @ 8.59% 4.05
2021 4.74 Est @ 6.53% 3.94
2022 4.98 Est @ 5.1% 3.78
2023 5.18 Est @ 4.09% 3.58
2024 5.36 Est @ 3.38% 3.38
2025 5.51 Est @ 2.89% 3.17
2026 5.65 Est @ 2.55% 2.96
2027 5.78 Est @ 2.3% 2.77
2028 5.91 Est @ 2.13% 2.58
2029 6.02 Est @ 2.02% 2.40
Present value of next 10 years cash flows $32.00
OTCPK:BFAR.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $6.02 × (1 + 1.74%) ÷ (9.65% – 1.74%)
$77.45
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $77.45 ÷ (1 + 9.65%)10
$30.82
OTCPK:BFAR.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $32.00 + $30.82
$62.82
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $62.82 / 84.62
$0.74
OTCPK:BFAR.F Discount to Share Price
Calculation Result
Exchange Rate USD/CAD
(Reporting currency to currency of TSXV:BITF)
1.413
Value per Share
(CAD)
= Value per Share in USD x Exchange Rate (USD/CAD)
= $0.74 x 1.413
CA$1.05
Non-primary Listing Adjustment Factor 1 share in OTCPK:BFAR.F represents 0.64716x of TSXV:BITF
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.64716x
Value per Share
(Listing Adjusted, USD)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 1.05 x 0.64716
$0.68
Value per share (USD) From above. $0.68
Current discount Discount to share price of $0.26
= -1 x ($0.26 - $0.68) / $0.68
61.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Bitfarms is available for.
Intrinsic value
>50%
Share price is $0.2621 vs Future cash flow value of $0.67896
Current Discount Checks
For Bitfarms to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Bitfarms's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Bitfarms's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Bitfarms's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bitfarms's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:BFAR.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in USD $-0.18
TSXV:BITF Share Price ** TSXV (2020-04-01) in CAD CA$0.41
TSXV:BITF Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.708 $0.29
United States of America Software Industry PE Ratio Median Figure of 70 Publicly-Listed Software Companies 38.29x
United States of America Market PE Ratio Median Figure of 2,947 Publicly-Listed Companies 12.4x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Bitfarms.

OTCPK:BFAR.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSXV:BITF Share Price ÷ EPS (both in USD)

= 0.29 ÷ -0.18

-1.58x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bitfarms is loss making, we can't compare its value to the US Software industry average.
  • Bitfarms is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Bitfarms's expected growth come at a high price?
Raw Data
OTCPK:BFAR.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -1.58x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
United States of America Software Industry PEG Ratio Median Figure of 57 Publicly-Listed Software Companies 2.3x
United States of America Market PEG Ratio Median Figure of 2,010 Publicly-Listed Companies 0.89x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Bitfarms, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Bitfarms's assets?
Raw Data
OTCPK:BFAR.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in USD $0.33
TSXV:BITF Share Price * TSXV (2020-04-01) in CAD CA$0.41
TSXV:BITF Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.708 $0.29
United States of America Software Industry PB Ratio Median Figure of 217 Publicly-Listed Software Companies 4.05x
United States of America Market PB Ratio Median Figure of 5,144 Publicly-Listed Companies 1.2x
OTCPK:BFAR.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSXV:BITF Share Price ÷ Book Value per Share (both in USD)

= 0.29 ÷ 0.33

0.88x

* Primary Listing of Bitfarms.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bitfarms is good value based on assets compared to the US Software industry average.
X
Value checks
We assess Bitfarms's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Software industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Software industry average (and greater than 0)? (1 check)
  5. Bitfarms has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Bitfarms expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Bitfarms has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10.5%
Expected Software industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bitfarms expected to grow at an attractive rate?
  • Unable to compare Bitfarms's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Bitfarms's earnings growth to the United States of America market average as no estimate data is available.
  • Unable to compare Bitfarms's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
OTCPK:BFAR.F Future Growth Rates Data Sources
Data Point Source Value (per year)
United States of America Software Industry Earnings Growth Rate Market Cap Weighted Average 10.5%
United States of America Software Industry Revenue Growth Rate Market Cap Weighted Average 11.5%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.4%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:BFAR.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:BFAR.F Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-09-30 27 4 -11
2019-06-30 24 3 -16
2019-03-31 22 3 -17
2018-12-31 34 13 -9
2017-12-31 52 46 29

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Bitfarms is high growth as no earnings estimate data is available.
  • Unable to determine if Bitfarms is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:BFAR.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Bitfarms Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:BFAR.F Past Financials Data
Date (Data in USD Millions) EPS *
2019-09-30 -0.18
2019-06-30 -0.30
2019-03-31 -0.28
2018-12-31 -0.16
2017-12-31 0.51

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Bitfarms will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Bitfarms is trading at Bitfarms'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. Bitfarms's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Software companies here
  3. While we do not consider unaudited financials to be a reliable enough to include in our analysis, you can access them on the OTC Markets Website. If you are looking for more of a qualitative research into the company, you can access Bitfarms's filings and announcements here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Bitfarms's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Bitfarms has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Bitfarms performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Bitfarms's growth in the last year to its industry (Software).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Bitfarms does not make a profit and there is insufficient past data to establish if their 5 year on year earnings growth rate was positive.
  • Unable to compare Bitfarms's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Bitfarms's 1-year growth to the US Software industry average as it is not currently profitable.
Earnings and Revenue History
Bitfarms's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Bitfarms Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:BFAR.F Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 26.54 -11.29 9.29
2019-06-30 23.67 -16.34 9.38
2019-03-31 21.76 -16.73 8.53
2018-12-31 33.81 -9.36 8.82
2017-12-31 51.98 29.43 1.03

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Bitfarms has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Bitfarms has efficiently used its assets last year compared to the US Software industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Bitfarms improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Bitfarms's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Software industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Bitfarms has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Bitfarms's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Bitfarms's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Bitfarms is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Bitfarms's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Bitfarms's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Bitfarms Company Filings, last reported 6 months ago.

OTCPK:BFAR.F Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 27.24 15.53 2.46
2019-06-30 18.90 12.69 5.35
2019-03-31 18.76 5.55 2.96
2018-12-31 20.65 1.72 0.55
2017-12-31 27.90 0.00 4.52
  • Bitfarms's level of debt (57%) compared to net worth is high (greater than 40%).
  • Unable to establish if Bitfarms's debt level has increased without past 5-year debt data.
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Bitfarms has less than a year of cash runway based on current free cash flow.
  • Unable to confirm if Bitfarms has at least 1 year of cash runway based on growing free cash flows without relevant data.
X
Financial health checks
We assess Bitfarms's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Bitfarms has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Bitfarms's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Bitfarms dividends.
If you bought $2,000 of Bitfarms shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Bitfarms's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Bitfarms's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:BFAR.F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
United States of America Software Industry Average Dividend Yield Market Cap Weighted Average of 19 Stocks 1.4%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1938 Stocks 3.1%
United States of America Minimum Threshold Dividend Yield 10th Percentile 1.1%
United States of America Bottom 25% Dividend Yield 25th Percentile 2.1%
United States of America Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Bitfarms has not reported any payouts.
  • Unable to verify if Bitfarms's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Bitfarms's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Bitfarms has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Bitfarms's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Bitfarms afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bitfarms has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Bitfarms's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Emiliano Grodzki
COMPENSATION $0
AGE 43
TENURE AS CEO 0.1 years
CEO Bio

Mr. Emiliano Joel Grodzki has been the Chief Strategy Officer at Blockchain Mining Limited since March 7, 2018 and has also been its Director since February 19, 2018. Mr. Grodzki is a Founder of Bitfarms Ltd. and serves as Director and Chief Strategy Officer since October 11, 2018. Mr. Grodzki has been Interim Chief Executive Officer of Bitfarms Ltd. since March 2020. Mr. Grodzki was Chief Executive Officer at Blockchain Mining Limited since February 19, 2018 until March 7, 2018. He is an Argentinian entrepreneur and business man. Mr. Grodzki has been a business builder and innovator since his early teens founding, incubating, and exiting interdisciplinary ventures in the design, food, and construction industries. In 1998, Mr. Grodzki founded “Technobuilding” a company that specialized in developing and engineering new construction systems for builders and architects. In 2002, he founded “Classic and Now”, which specialized in the development of high quality design furniture for public spaces and Hotels.

CEO Compensation
  • Insufficient data for Emiliano to compare compensation growth.
  • Insufficient data for Emiliano to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Bitfarms management team in years:

0.5
Average Tenure
40.5
Average Age
  • The average tenure for the Bitfarms management team is less than 2 years, this suggests a new team.
Management Team

Emiliano Grodzki

TITLE
Founder
AGE
43
TENURE
0.1 yrs

John Rim

TITLE
CFO & Corporate Secretary
AGE
46
TENURE
1.5 yrs

Wes Fulford

TITLE
Consultant
AGE
38
TENURE
0.1 yrs

Nicolas Bonta

TITLE
Founder & Chairman
AGE
44

Mathieu Vachon

TITLE
Founder
AGE
38

Sonia Tercas

TITLE
Director of Investor Relations

Ryan Hornby

TITLE
Executive VP & General Counsel
AGE
37
TENURE
1 yrs
Board of Directors Tenure

Average tenure and age of the Bitfarms board of directors in years:

1.2
Average Tenure
44
Average Age
  • The average tenure for the Bitfarms board of directors is less than 3 years, this suggests a new board.
Board of Directors

Emiliano Grodzki

TITLE
Founder
AGE
43
TENURE
1.5 yrs

Nicolas Bonta

TITLE
Founder & Chairman
AGE
44
TENURE
1.5 yrs

Sophia Galper-Komet

TITLE
Independent Director
AGE
44
TENURE
1.2 yrs

Pierre Seccareccia

TITLE
Independent Director
AGE
73
TENURE
0.8 yrs

Wendi Locke

TITLE
Independent Director
AGE
44
TENURE
0.8 yrs

Roy Sebag

TITLE
CEO & Director
AGE
34
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
28. Oct 19 Sell Pierre-Luc Quimper Individual 11. Oct 19 21. Oct 19 -186,500 $0.49 $-79,225
28. Oct 19 Buy Pierre-Luc Quimper Individual 11. Oct 19 15. Oct 19 8,000 $0.42 $3,277
02. Oct 19 Buy John Rim Individual 30. Sep 19 30. Sep 19 36,000 $0.67 $24,270
02. Oct 19 Buy Wes Fulford Individual 30. Sep 19 30. Sep 19 10,000 $0.66 $6,557
02. Oct 19 Sell Mathieu Vachon Individual 27. Sep 19 27. Sep 19 -7,500 $0.68 $-5,104
09. Oct 19 Sell Pierre-Luc Quimper Individual 27. Sep 19 30. Sep 19 -60,000 $0.66 $-38,426
27. Sep 19 Buy John Rim Individual 24. Sep 19 24. Sep 19 30,000 $0.71 $21,429
27. Sep 19 Sell Mathieu Vachon Individual 24. Sep 19 24. Sep 19 -10,000 $0.72 $-7,188
27. Sep 19 Sell Pierre-Luc Quimper Individual 23. Sep 19 26. Sep 19 -165,500 $0.72 $-114,830
17. Jul 19 Buy Ryan Hornby Individual 15. Jul 19 15. Jul 19 100,000 $0.76 $75,887
17. Jul 19 Buy Mathieu Vachon Individual 15. Jul 19 15. Jul 19 130,208 $0.00 $80
17. Jul 19 Sell Pierre-Luc Quimper Individual 15. Jul 19 15. Jul 19 -230,208 $0.76 $-75,966
X
Management checks
We assess Bitfarms's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Bitfarms has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Bitfarms Ltd., through its subsidiaries, engages in the mining of cryptocurrency coins and tokens. It owns and operates server farms that primarily support the validation and verification of transactions on the Bitcoin blockchain, earning cryptocurrency tokens for providing this service. The company’s server farms mine the cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, and Dash. It also provides electrician services to commercial and residential customers in Quebec. The company was founded in 2017 and is headquartered in Toronto, Canada.

Details
Name: Bitfarms Ltd.
BFAR.F
Exchange: OTCPK
Founded: 2017
CA$24,250,761
84,624,980
Website: http://bitfarms.io
Address: Bitfarms Ltd.
1376 Bayview Avenue, Unit 1,
Toronto,
Ontario, Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSXV BITF New Common Shares TSX Venture Exchange CA CAD 16. Jul 2019
OTCPK BFAR.F New Common Shares Pink Sheets LLC US USD 16. Jul 2019
Number of employees
Current staff
Staff numbers
65
Bitfarms employees.
Industry
Application Software
Software
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/04 15:23
End of day share price update: 2020/04/01 00:00
Last earnings filing: 2019/11/27
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.