[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]

![HermesLux Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1349508768346812420.png) Hermes Lux [@HermesLux](/creator/twitter/HermesLux) on x 10.6K followers
Created: 2025-07-21 02:47:59 UTC

@krcp @terpsikhoros Terminal mNAV will always be >1x unless the management does something wrong. Therefore, all forward estimates should use 1x in their most bearish calculations. Separating the dilution in shares might be interesting to know but won't change the bottom line estimates.


XXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1947126377968275864/c:line.svg)

**Related Topics**
[stocks](/topic/stocks)
[bearish](/topic/bearish)
[hermes](/topic/hermes)

[Post Link](https://x.com/HermesLux/status/1947126377968275864)