Analyst: PumpFun fundamentals underestimated, long-term value of PumpFun uncertain

Blockworks analyst Shaunda Devens stated that the fundamentals of PumpFun's business are undervalued, but the long-term value of PumpFun is limited by the uncertainty of repurchase policies and decoupling from the company's equity. PumpFun has an annualized revenue of approximately $677 million and a market to sales ratio of approximately 2.8 times. Programmed repurchase of approximately 17.6% of the circulating supply per year, but the repurchase arrangement will expire in April 2027. PumpFun does not represent any equity in PumpFun, nor does it confer any profit rights on its holders. Under the benchmark scenario, the valuation range for PUMP is between 0.0108 and 0.0205 US dollars. If the business falls back, the price may drop by 59% to 76%.