Robinhood Markets (HOOD)
I wanted to test the gap between Robinhood’s business story and the price an investor would pay for it.
Why I looked at Robinhood
My background is in finance, and Robinhood brings together several areas I follow: investing, brokerage services, and the way financial products reach customers. For this project, I wanted to get past the product story and work through the valuation.
I built the pitch and DCF around a simple question: what has to go right for the share price to make sense? The revised materials make the limits of the original assumptions clearer. I’ve kept both versions here so the changes can be followed.
What I worked through
- The connection between business growth, cash flow, and value per share.
- How the valuation changes across bear, base, and bull assumptions.
- Which conclusions depend on share count, capital requirements, and the timing of cash flows.
Read the work
Updated methodology supplement followed by the original supporting presentation.
Revised DCF modelExcel · Download file ↓Revised model accompanying the methodology supplement.
Original stock pitchPDF · Open reportHistorical supporting presentation. Read alongside the revised methodology supplement.
Original DCF modelExcel · Download file ↓Original workbook retained for reference alongside the revised model.
A note on the research
The revised research qualifies the original investment conclusion. Its corrections take precedence where they conflict with the original pitch; original targets and reverse-valuation claims should be read in that context.
The source dates and assumptions are included in the documents.