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| 研究生： |
陳彥伯 Chen, Yen-Po |
|---|---|
| 論文名稱： |
CoreWeave 併購 Core Scientific 之企業價值評估與財務模型分析 CoreWeave acquires Core Scientific |
| 指導教授： |
郭維裕
Kuo, Wei-Yu |
| 口試委員: |
徐政義
Shiu, Cheng-Yi 吳菊華 Wu, Chu-Hua |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 國際經營管理英語碩士學位學程(IMBA) International MBA Program College of Commerce(IMBA) |
| 論文出版年： | 2026 |
| 畢業學年度： | 114 |
| 語文別： | 英文 |
| 論文頁數： | 75 |
| 中文關鍵詞： | 企業估值 、合併與收購 、現金流量折現法 、高效能運算 、比特幣挖礦 |
| 外文關鍵詞： | Corporate Valuation, Mergers and Acquisitions, Discounted Cash Flow, HighPerformance Computing Infrastructure, Bitcoin Mining |
| 相關次數： | 點閱：16 下載：4 |
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本研究探討 CoreWeave 於 2025 年 7 月 7 日提出之以全股權方式收購 Core Scientific、總金額 90 億美元之併購要約，並評估該出價是否合理反映標的公司之內在價值。採用固定加權平均資本成本（Weighted-Average Cost of Capital, WACC）之折現現金流量（Discounted Cash Flow, DCF）分析，估計 Core Scientific 之隱含股權價值介於 2.2 億美元至 7.95 億美元之間，顯著低於併購要約所隱含之約 90 億美元估值，以及公告日 Core Scientific 的市值。此結果顯示，市場對 Core Scientific 的評價並非基於短期預期現金流，而是反映對未來成長性與對其策略性價值的預期。
進一步採用市場倍數法進行估值分析，所推導之隱含股權價值區間上升至 42 億美元至 62 億美元之間。整體而言，研究結果顯示該併購要約包含相當程度之溢價，且僅能在考量潛在企業綜效(synergy)與策略性價值的情況下獲得合理化解釋。事件研究分析結果顯示，標的公司於公告日前及公告當日出現具統計上顯著之異常報酬，顯示市場可能存在事前預期或資訊外洩之情形，並於公告後對該交易進行重新評價。相對地，對收購進行事件研究分析並未觀察到具統計顯著性之異常報酬。
This study examines the USD 9 billion all-share acquisition offer made by CoreWeave for Core Scientific on July 7th, 2025, and evaluates whether the proposed price fairly reflects the value of the target company. A discounted cash flow (DCF) analysis with constant Weighted-Average Cost of Capital (WACC) estimates an implied equity value of USD 220 million to USD 795 million, which is substantially below both the offered price of approximately USD 9 billion and market capitalization of Core Scientific on the announcement date. This suggests that the market valuation of Core Scientific is not primarily driven by near-term expected cash flows, but rather by anticipated growth and strategic considerations. Using a market-based multiples valuation approach, the implied equity value range increases to between USD 4.2 billion and USD 6.2 billion. Overall, the findings indicate that the acquisition offer includes a considerable premium, which can be justified only when potential synergies and strategic value are considered. An event study reveals statistically significant abnormal returns for the target company prior to and on the announcement date, suggesting possible market anticipation or information leakage, followed by a reassessment of the transaction after the announcement. No statistically significant abnormal returns are observed for the acquiring company.
1. Introduction 1
2. Industry Analysis 2
2.1 The Acquiring Company 3
2.2 The Target Company 5
2.3 Industry Trends 7
2.3.1 Bitcoin Mining Industry 7
2.3.2 HPC Hosting and AI Infrastructure 11
3. Financial Analysis 15
3.1 Financial Statement Forecast 15
3.1.1 Revenue 15
3.1.2 Operating Costs 20
3.1.3 Depreciation and Amortization 22
3.1.4 Stock-Based Compensation 22
3.1.5 Capital Expenditures 23
3.1.6 Working Capital 24
3.1.7 Unlevered Free Cash Flow 26
3.2 Cost of Capital 27
3.2.1 Cost of Equity 27
3.2.2 Cost of Debt 29
3.3 DCF-WACC Valuation 31
3.4 DCF Valuation with Changing WACC 35
3.5 DCF-WACC Sensitivity Analysis 36
4. Multiples Valuation 39
4.1 Peer Group Selection 39
4.2 Multiples Selection 40
4.3 Multiples Valuation 40
5. Synergy Analysis 44
5.1 DCF Analysis under Acquired Scenario 44
5.2 Cost Saving Method 49
6. Event Study 52
6.1 Event Study Methodology 52
6.2 Stock Market Reaction to Target Company 52
6.3 Stock Market Reaction to Target Company Peers 55
6.4 Stock Market Reaction to Acquiring Company 57
6.5. Stock Market Reaction to Acquirer Peers 59
7. Conclusion 60
Reference 61
Appendix 63
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