Russell 2000的Fair Value在2300. Our baseline scenario suggests the Russell 2000's fair value is 1.59x sales, assuming continued yield-curve widening, high-yield option-adjusted spreads push to last-cycle lows, 2H22-1H23 sales growth remains robust and the Fed continues its pace of asset purchases. Interest-rate and economic forecasts translate to 9.7% sales growth in the year ahead.
However, consensus calls for significantly higher revenue growth (14.6%) vs. BI's model, which along with our derived price-to-sales multiple, produces a Russell 2000 fair value of 2,417.
However, consensus calls for significantly higher revenue growth (14.6%) vs. BI's model, which along with our derived price-to-sales multiple, produces a Russell 2000 fair value of 2,417.