Target Price: $30.11 (45% upside)  Website 

**Update 22 May 2019: Target Price Hit ($30.11) from Closing Price of $20.75 (45% gain)

Binance uncomplicated growth story continues on the back of 66% increase in quarterly profits

Updates from the previous report (Jan 2019)

Picolo Research has updated our valuation on Binance taking into account the firm’s last quarter developments and current market conditions. Having seen a significant rise in BNB price since Jan 2019, our analysts revisited the valuation and highlighted several changes from the previous report.

• Updated target price of BNB to $30.11 from $10.08 prior
• Valuation methodology updated to reflect Binance additional expansion and service offerings
• Drop in correlations between BNB and BTC/ETH, signifying divergence between the tokens
• A significant rise in MV/Vol multiple (from 3.67 to 8.10), with markets perceiving higher valuations of exchanges on the back of IEO hype
• Number of employees doubled from 400+ to 800+ signalling aggressive hiring for future growth
• Regulatory threat not as significant as the firm strengthens its compliance department and continual expansion efforts in different jurisdictions

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