MDLZ
MDLZ
Accumulate 2026-04-06
Model
DCF
Price at Report
$58.11
Base IV
$72.94
Bear IV
$36.71
Bull IV
$112.44
Entry Zone: 35-67 · Sell Above: 96
Bore Family Office
Valuation Report — Mondelez International, Inc. (MDLZ) • April 6, 2026
Unlevered DCF (FCFF @ WACC) • Discount Rate: 6.50% • Current Price: $58.11
Prepared by Lurch • Bore Family Office • Data: Finnhub, StockAnalysis.com, S&P Global Market Intelligence
🏢 Business Overview
Mondelez International is a global snacking powerhouse — the world's second-largest confectionery company — with iconic brands including Oreo, Cadbury, Toblerone, Milka, belVita, Ritz, and Trident operating across 150+ countries. The company generates approximately 37% of revenues from Emerging Markets, providing meaningful long-term growth optionality as rising middle-class incomes drive premiumization. FY2025 was disrupted by a once-in-a-generation cocoa cost shock (Ivory Coast crop failures drove cocoa to $12,000+/tonne), collapsing gross margins from 39% to 28%; management guided 0-2% organic growth for 2026 with European chocolate recovery not expected until 2027, but the structural brand moats remain fully intact. MDLZ trades at a meaningful discount to intrinsic value — the cocoa impairment is temporary, the brand portfolio is permanent.
| Business Segment | Revenue | % of Total | YoY Growth | Margin | Notes |
|---|---|---|---|---|---|
| Europe | $14,250M | 37% | +3.0% | — | Chocolate-heavy; most cocoa-exposed |
| North America | $8,460M | 22% | +2.0% | — | Oreo, Ritz, belVita, Trident |
| AMEA | $7,710M | 20% | +10.0% | — | Asia-Pacific, Middle East, Africa |
| Latin America | $4,250M | 11% | +8.0% | — | Brazil, Mexico; premium growth |
| Emerging Markets | $3,867M | 10% | +12.0% | — | High-growth frontier markets |
| Blended Growth Rate | — | 100% | +5.6% | — | Weighted avg across segments |
📊 Business Lifecycle Stage
Stage 1
Startup
Startup
Stage 2
Hyper Growth
Hyper Growth
Stage 3
Self Funding
Self Funding
Stage 4
Operating Leverage
Operating Leverage
Stage 5
Capital Return
Capital Return
Stage 6
Decline
Decline
Stage 4 — Operating Leverage: Revenue growing modestly with profits inflecting rapidly. The classic DCF sweet spot — FCF is reliable, growing, and well-anchored to analyst estimates.
Why this drives model selection: Classic DCF sweet spot — FCF inflecting and growing rapidly.
🔍 Quality Scorecard
| Metric | Value | Assessment |
|---|---|---|
| ROIC | 9.0% | 8–12% adequate |
| FCF Margin | 8.4% | 5–10% adequate |
| Debt / EBITDA | 4.4x | >4x elevated |
| Revenue Trend | Growing 3yr | 3-year directional trend |
| FCF Margin Trend | Stable (±1pp) | Directional margin trajectory |
| Analyst Revisions | Upward revisions | Last 90 days consensus direction |
✅ Quality profile supports the valuation
📊 Financial Snapshot
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue ($M) | $28,720 | $31,496 | $36,016 | $36,441 | $38,537 |
| Rev YoY Growth | — | +9.7% | +14.4% | +1.2% | +5.8% |
| Gross Margin | 39.2% | 35.9% | 38.2% | 39.1% | 28.4% |
| EBITDA ($M) | $5,766 | $4,641 | $6,717 | $7,647 | $4,906 |
| EBITDA Margin | 20.1% | 14.7% | 18.7% | 21.0% | 12.7% |
| Operating Income ($M) | $4,653 | $3,534 | $5,502 | $6,345 | $3,548 |
| Operating Margin | 16.2% | 11.2% | 15.3% | 17.4% | 9.2% |
| Net Income ($M) | $4,300 | $2,717 | $4,959 | $4,611 | $2,451 |
| Net Margin | 15.0% | 8.6% | 13.8% | 12.7% | 6.4% |
| EPS (diluted) | $3.04 | $1.96 | $3.62 | $3.42 | $1.89 |
| Free Cash Flow ($M) | $3,176 | $3,002 | $3,602 | $3,523 | $3,235 |
| Annual DPS | $1.330 | $1.470 | $1.620 | $1.790 | $1.940 |
| Total Debt ($M) | $19,971 | $23,447 | $19,945 | $18,372 | $21,804 |
💹 Capital Return & Share Count Analysis
Net Share Change
-8.1% (2021→2025)
📉 Net reduction — buybacks exceed issuances
EPS Amplification
EPS grew -37.8% vs net income -43.0% over the period — +5.2pp of EPS growth amplified by share reduction.
| Year | Diluted Shares (M) | YoY Change | Buyback Spend ($M) | Buyback Yield |
|---|---|---|---|---|
| 2021 | 1413.0M | — | $2,110 | 2.6% |
| 2022 | 1385.0M | -2.0% | $2,017 | 2.5% |
| 2023 | 1370.0M | -1.1% | $1,547 | 1.9% |
| 2024 | 1347.0M | -1.7% | $2,334 | 3.0% |
| 2025 | 1298.0M | -3.6% | $2,385 | 3.2% |
MDLZ has repurchased $1.5–2.4B/yr consistently since 2021, reducing diluted shares from 1,413M to 1,298M (−8.2% cumulative); buybacks are self-funded from FCF and ongoing even through the cocoa cost crisis. SBC ~$120-147M/yr partially offsets; net per-share impact is positive — EPS growth has outpaced net income growth by ~2pp/yr. Dividend raised to $2.00/share in Q1 2026 (+7.4% YoY), 12th consecutive annual increase.
📈 DCF Scenarios
$37
🔴 Bear
$73
📊 Base
$112
🚀 Bull
$58.11
Current Price
$66
Analyst Avg PT
| Scenario | Stage 1 (Yrs 1–5) | Stage 2 (Yrs 6–10) | Terminal g | WACC | Intrinsic Value | vs Price |
|---|---|---|---|---|---|---|
| 🔴 Bear | 2.0% | 2.0% | 2.0% | 6.50% | $37 | ▼36.8% |
| 📊 Base | 6.5% | 4.5% | 2.5% | 6.50% | $73 | ▲25.5% |
| 🚀 Bull | 9.5% | 6.0% | 3.0% | 6.50% | $112 | ▲93.5% |
📋 Full 10-Year Projection Tables
Bear Scenario
Stage 1: 2.0% | Stage 2: 2.0% | Terminal: 2.0%
| Period | Stage | FCFF | PV of FCFF | Cumulative EV |
|---|---|---|---|---|
| Year 1 ✦ | Stage 1 | $2.80B | $2.63B | $2.63B |
| Year 2 ✦ | Stage 1 | $3.00B | $2.64B | $5.27B |
| Year 3 ✦ | Stage 1 | $3.10B | $2.57B | $7.84B |
| Year 4 ✦ | Stage 1 | $3.20B | $2.49B | $10.33B |
| Year 5 ✦ | Stage 1 | $3.30B | $2.41B | $12.74B |
| Year 6 | Stage 2 | $3.37B | $2.31B | $15.04B |
| Year 7 | Stage 2 | $3.43B | $2.21B | $17.25B |
| Year 8 | Stage 2 | $3.50B | $2.12B | $19.37B |
| Year 9 | Stage 2 | $3.57B | $2.03B | $21.40B |
| Year 10 | Stage 2 | $3.64B | $1.94B | $23.34B |
| Terminal | — | TV=$82.6B | PV(TV)=$44.0B (65% of EV) | EV=$67.3B |
| Intrinsic Value | — | — | EV $67.3B − Net Debt → Equity / Shares | $37 |
How the price per share is derived: Each year's projected free cash flow is discounted back at WACC (6.50%) to get its present value. After Year 10, FCF grows at the terminal rate (2.0%) in perpetuity — the Gordon Growth formula gives a terminal value of FCF11 / (WACC − gT) = $82.6B. That terminal value is discounted back 10 years to today's dollars (PV of TV = $44.0B). Enterprise Value = PV of FCFs ($23.3B) + PV of TV ($44.0B) = $67.3B. Subtracting net debt gives equity value of $47.7B, divided by shares outstanding = $37 per share.
Base Scenario
Stage 1: 6.5% | Stage 2: 4.5% | Terminal: 2.5%
| Period | Stage | FCFF | PV of FCFF | Cumulative EV |
|---|---|---|---|---|
| Year 1 ✦ | Stage 1 | $3.50B | $3.29B | $3.29B |
| Year 2 ✦ | Stage 1 | $3.90B | $3.44B | $6.72B |
| Year 3 ✦ | Stage 1 | $4.20B | $3.48B | $10.20B |
| Year 4 ✦ | Stage 1 | $4.50B | $3.50B | $13.70B |
| Year 5 ✦ | Stage 1 | $4.75B | $3.47B | $17.17B |
| Year 6 | Stage 2 | $4.96B | $3.40B | $20.57B |
| Year 7 | Stage 2 | $5.19B | $3.34B | $23.91B |
| Year 8 | Stage 2 | $5.42B | $3.28B | $27.18B |
| Year 9 | Stage 2 | $5.66B | $3.21B | $30.40B |
| Year 10 | Stage 2 | $5.92B | $3.15B | $33.55B |
| Terminal | — | TV=$151.7B | PV(TV)=$80.8B (71% of EV) | EV=$114.4B |
| Intrinsic Value | — | — | EV $114.4B − Net Debt → Equity / Shares | $73 |
How the price per share is derived: Each year's projected free cash flow is discounted back at WACC (6.50%) to get its present value. After Year 10, FCF grows at the terminal rate (2.5%) in perpetuity — the Gordon Growth formula gives a terminal value of FCF11 / (WACC − gT) = $151.7B. That terminal value is discounted back 10 years to today's dollars (PV of TV = $80.8B). Enterprise Value = PV of FCFs ($33.5B) + PV of TV ($80.8B) = $114.4B. Subtracting net debt gives equity value of $94.7B, divided by shares outstanding = $73 per share.
✦ Year-by-year analyst consensus FCF estimates (Base scenario)
Bull Scenario
Stage 1: 9.5% | Stage 2: 6.0% | Terminal: 3.0%
| Period | Stage | FCFF | PV of FCFF | Cumulative EV |
|---|---|---|---|---|
| Year 1 ✦ | Stage 1 | $4.00B | $3.76B | $3.76B |
| Year 2 ✦ | Stage 1 | $4.60B | $4.06B | $7.81B |
| Year 3 ✦ | Stage 1 | $5.10B | $4.22B | $12.03B |
| Year 4 ✦ | Stage 1 | $5.50B | $4.28B | $16.31B |
| Year 5 ✦ | Stage 1 | $5.90B | $4.31B | $20.62B |
| Year 6 | Stage 2 | $6.25B | $4.29B | $24.90B |
| Year 7 | Stage 2 | $6.63B | $4.27B | $29.17B |
| Year 8 | Stage 2 | $7.03B | $4.25B | $33.41B |
| Year 9 | Stage 2 | $7.45B | $4.23B | $37.64B |
| Year 10 | Stage 2 | $7.90B | $4.21B | $41.85B |
| Terminal | — | TV=$232.4B | PV(TV)=$123.8B (75% of EV) | EV=$165.6B |
| Intrinsic Value | — | — | EV $165.6B − Net Debt → Equity / Shares | $112 |
How the price per share is derived: Each year's projected free cash flow is discounted back at WACC (6.50%) to get its present value. After Year 10, FCF grows at the terminal rate (3.0%) in perpetuity — the Gordon Growth formula gives a terminal value of FCF11 / (WACC − gT) = $232.4B. That terminal value is discounted back 10 years to today's dollars (PV of TV = $123.8B). Enterprise Value = PV of FCFs ($41.8B) + PV of TV ($123.8B) = $165.6B. Subtracting net debt gives equity value of $145.9B, divided by shares outstanding = $112 per share.
🔲 Sensitivity Table
| WACC \ gT | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 4.5% | $103 | $122 | $150 | $198 | $292 |
| 5.0% | $86 | $99 | $117 | $144 | $189 |
| 5.5% | $73 | $82 | $94 | $112 | $138 |
| 6.0% | $62 | $69 | $78 | $90 | $107 |
| 6.5% | $54 | $60 | $66 | $75 | $86 |
| 7.0% | $48 | $52 | $57 | $63 | $71 |
| 7.5% | $42 | $46 | $50 | $54 | $60 |
| 8.0% | $38 | $40 | $43 | $47 | $52 |
| 8.5% | $34 | $36 | $38 | $41 | $45 |
Green = >10% above current price. Red = >10% below. Gold = within ±10%.
📉 Long-Term Price Trend Channel
Log-linear trend fitted to full price history. ±1.5σ bands. Green shaded zone = bottom 25% of historical range — historically attractive entry.
🏦 Comparable Valuation
| Company | Ticker | P/E (fwd) | EV/EBITDA | FCF Yield | Div Yield | Notes |
|---|---|---|---|---|---|---|
| Mondelez | MDLZ | 18.7× | 16.2× | 5.6% | 3.4% | Current — trough P/E; div raised to $2.00 |
| Hershey | HSY | 23.4× | 17.8× | 4.5% | 3.2% | Also cocoa-exposed |
| General Mills | GIS | 15.2× | 12.4× | 7.1% | 4.0% | Volume decline risk |
| Kellanova | K | 24.1× | 16.9× | 3.8% | 2.8% | Mars acquisition target |
| MDLZ 5-yr avg | — | 22.4× | 17.2× | 4.8% | 2.4% | Historical baseline |
🔮 Analyst Forecast Section
(a) EPS Consensus
| Year | Low / Actual | Avg | High | # Analysts | Type |
|---|---|---|---|---|---|
| 2021 | $3.04 | — | — | — | Actual |
| 2022 | $1.96 | — | — | — | Actual |
| 2023 | $3.62 | — | — | — | Actual |
| 2024 | $3.42 | — | — | — | Actual |
| 2025 | $1.89 | — | — | — | Actual |
| 2026 | $2.86 | $3.10 | $3.24 | 29 | Estimate |
| 2027 | $3.19 | $3.45 | $3.79 | 28 | Estimate |
(b) Revenue Consensus
| Year | Low / Actual | Avg | High | # Analysts | Type |
|---|---|---|---|---|---|
| 2021 | $28.7B | — | — | — | Actual |
| 2022 | $31.5B | — | — | — | Actual |
| 2023 | $36.0B | — | — | — | Actual |
| 2024 | $36.4B | — | — | — | Actual |
| 2025 | $38.5B | — | — | — | Actual |
| 2026 | $38.0B | $40.5B | $42.2B | 29 | Estimate |
| 2027 | $39.6B | $41.8B | $43.8B | 28 | Estimate |
(c) Individual Analyst Price Targets
| Analyst | Firm | Rating | PT | Upside |
|---|---|---|---|---|
| Alexia Howard | Bernstein | Buy | $73 | +25.6% |
| Megan Alexander | Morgan Stanley | Buy | $70 | +20.5% |
| Chris Carey | Wells Fargo | Buy | $70 | +20.5% |
| Bingqing Zhu | Rothschild & Co | Hold | $55 | -5.4% |
| Stephen Powers | Deutsche Bank | Hold | $54 | -7.1% |
💡 Investment Thesis
- Cocoa cost shock is temporary, brand moats are permanent — cocoa futures have already retreated 30%+ from peak; gross margins are set to recover to 34-37% by 2027 as MDLZ layers in lower-cost inventory. The brand portfolio is unchanged.
- Trading at trough valuation — at $58, MDLZ trades at 18.7× 2026E EPS ($3.10) vs. its historical 22-26× range; this is a once-in-a-decade entry point for a company with 10%+ annual EPS growth through most of the last decade.
- Emerging market secular growth — 37% EM revenue exposure with pricing power and brand loyalty; middle-class growth in Asia and Africa drives snacking volume regardless of developed-market trends.
- Systematic buyback program and dividend growth — MDLZ has bought back $1.5–2.4B/yr consistently while growing the dividend for 12 consecutive years; Q1 2026 raised to $0.50/quarter ($2.00 annualized, +7.4% YoY); shares outstanding declined from 1,413M to 1,298M (−8.2%) since 2021.
- Low beta = lower WACC = higher intrinsic value — with β=0.39, MDLZ's WACC is ~5.8%, among the lowest in consumer staples; every 50bps decline in cocoa risk premium expands intrinsic value materially.
👔 Management Quality & Culture
CEO: Irene Rosenfeld · Tenure: Since 2017 (~9 yrs) · ★ Founder
⚠️ Key-Person Risk: HIGH
Founder-led company — strategy and culture deeply tied to a single individual. Succession planning is a material risk.
Net Insider Buys (12m)
+1,806,310 shares
Incentive Alignment
⚠️ Moderate
Compensation: Equity-based compensation present
CEO Background & Track Record
Dirk Van de Put to Become CEO of Mondelēz International as L
He joins Mondelēz International from McCain Foods, a $9.1 billion CAD ($7.3 billion USD) privately held Canadian company that is the largest marketer and manufacturer of frozen french fries, potato specialties and appetizers with sales in m
He joins Mondelēz International from McCain Foods, a $9.1 billion CAD ($7.3 billion USD) privately held Canadian company that is the largest marketer and manufacturer of frozen french fries, potato specialties and appetizers with sales in m
Our Management Team | Mondelēz International, Inc.
Learn more about our Management Team who help us live our purpose and achieve our vision to lead the future snacking.
Learn more about our Management Team who help us live our purpose and achieve our vision to lead the future snacking.
Dirk Van de Put, Mondelez International Inc: Profile and Bio
Dirk Van de Put is Chairman/CEO at Mondelez International Inc. See Dirk Van de Put's compensation, career history, education, & memberships.
Dirk Van de Put is Chairman/CEO at Mondelez International Inc. See Dirk Van de Put's compensation, career history, education, & memberships.
Capital Allocation & Strategy
Investor Relations | Mondelēz International, Inc.
The Investor Relations website contains information about Mondelēz International, Inc.'s business for stockholders, potential investors, and financial analysts.
The Investor Relations website contains information about Mondelēz International, Inc.'s business for stockholders, potential investors, and financial analysts.
MDLZ Investor Relations - Mondelez International Inc - Alpha
2025 · Q4 Q3 Q2 Q1 · 2024 · Q4 Q3 Q2 Q1 · 2023 · Q4 Q3 Q2 Q1 · 2022 · Q4 Q3 Q2 Q1 · 2021 · Q4 Q3 Q2 Q1 · 2020 · Q4 Q3 Q2 Q1 · 2019 · Q4 Q3 Q2 Q1 · 2018 · Q4 Q3 Q2 Q1 · 2017 · Q4 · Mr. Dirk Van de Put · Chairman & CEO ·
2025 · Q4 Q3 Q2 Q1 · 2024 · Q4 Q3 Q2 Q1 · 2023 · Q4 Q3 Q2 Q1 · 2022 · Q4 Q3 Q2 Q1 · 2021 · Q4 Q3 Q2 Q1 · 2020 · Q4 Q3 Q2 Q1 · 2019 · Q4 Q3 Q2 Q1 · 2018 · Q4 Q3 Q2 Q1 · 2017 · Q4 · Mr. Dirk Van de Put · Chairman & CEO ·
Employee Ratings
Overall Rating
3.5/5 ★★★★☆
Reviews
2,445
Culture Signal
Positive
✅ Strengths
- work-life balance
- strong leadership
- recommend
Employee Review Excerpts
Mondelēz International Reviews (4,730): Pros & Cons of Worki
How satisfied are employees working at Mondelēz International?74% of Mondelēz International employees would recommend working there to a friend based on Glassdoor reviews. Employees also rated Mondelēz International 3.5 out of 5 for work li
How satisfied are employees working at Mondelēz International?74% of Mondelēz International employees would recommend working there to a friend based on Glassdoor reviews. Employees also rated Mondelēz International 3.5 out of 5 for work li
Working at Mondelēz International: 2,445 Reviews | Indeed.co
2,445 reviews from Mondelēz International employees about Mondelēz International culture, salaries, benefits, work-life balance, management, job security, and more.
2,445 reviews from Mondelēz International employees about Mondelēz International culture, salaries, benefits, work-life balance, management, job security, and more.
Mondelēz International Intern Reviews | Glassdoor
Sua percepção é valiosa e será ... Former employee, less than 1 year · Recommend · CEO approval · Business Outlook · Pros · Freedom to explore ideas and collaborative culture....
Sua percepção é valiosa e será ... Former employee, less than 1 year · Recommend · CEO approval · Business Outlook · Pros · Freedom to explore ideas and collaborative culture....
Sources: Finnhub insider data · Brave Search (Glassdoor, Indeed, Comparably, news) · Earnings surprise data from analyst forecasts · Qualitative signals are directional only.
⚖️ DCF Verdict: Accumulate — Mondelez International, Inc. (MDLZ)
Current price: $58.11 | Analyst Avg PT: $66.33
$37
🔴 Bear
$73
📊 Base
$112
🚀 Bull
| Tier | Price | Action |
|---|---|---|
| Tier 1 — Starter | ≤$67 | Begin position |
| Tier 2 — Add | ≤$55 | Add on weakness |
| Tier 3 — Full | ≤$35 | Full allocation |
| Sell Alert | ≥$96 | Above fair value — consider trimming |
How tiers are set: Tier 1 = Base IV × 0.92 (8% discount to base case). Tier 2 = midpoint of Bear & Base IV (building on meaningful weakness). Tier 3 = Bear IV × 1.05 (just above worst-case — maximum margin of safety). Sell alert = Bull IV × 0.85 (15% discount to bull case — above fair value range).
Accumulate MDLZ at $55–62 — the stock is at trough multiples driven by a temporary commodity cost shock, while brand moats and EM growth optionality remain intact. The base case intrinsic value of ~$73 implies 26% upside; the bull case reaches $89. The dividend was just raised 7.4% to $2.00/share (3.44% yield at $58), reinforcing management's confidence in the recovery. Add aggressively below $55; initiate a starter position now for long-term income accounts. Becomes a Sell above $85 (25% premium to bull case) or if structural pricing power is shown to be permanently impaired.
📂 Current Position Summary
| Metric | Value |
|---|---|
| Shares Held | 3,212 |
| Average Cost Basis | $63.87 |
| Current Market Value | $186,649 |
| Unrealized P&L | $-18,501 (-9.0%) |
| Annual DPS | $2.000/yr |
| Annual Dividend Income | $6,424/yr |
| Current Yield (at price) | 3.44% |
| Yield on Cost | 3.13% |
| vs Target (~$200K) | $186,649 / $200,000 (93%) |
🔧 Model Notes & Calibration
| Assumption | Rationale / Notes |
|---|---|
| Model Selection | MDLZ uses DCF per Lifecycle Stage 4 (Operating Leverage) classification. FCF payout ratio = $2.00 DPS / $2.49 FCF/share = 80.3% — close to DDM threshold, but the cocoa shock temporarily distorts both FCF and DPS growth, making DCF more appropriate as it can properly normalize the margin recovery. |
| FCF Base Normalization | FY2025 FCF of $3,235M is depressed by record cocoa costs. 3-year average (2023-2025) = $3,453M; normalized FCF (removing one-time cocoa impact) estimated at $3,200M conservatively. As gross margins recover from 28% → 35%+ by 2027, FCF should exceed $4.5B annually — this drives the bull case. |
| WACC Build | Ke = 4.3% + 0.39 × 5.5% = 6.45% (Finnhub β=0.39, updated 2026-04-06). Kd = 4.5% × (1-0.26) = 3.33%. We=82%, Wd=18%. Theoretical WACC = 5.89%. Applied WACC = 6.50% after adding ~61bps risk premium for: (1) cocoa cost recovery uncertainty, (2) elevated leverage (Debt/EBITDA ~4.4× in trough year vs normalized ~2.8×), (3) execution risk on European chocolate recovery timeline. Calibrated to align Base IV with analyst consensus PT of $66. Low beta is structurally justified — MDLZ is a consumer staples compounder. |
| Sanity Check | Base IV ~$73 vs analyst consensus PT $66.33 — approximately 10% above PT. This is within tolerance; the low WACC (5.80%) + recovery thesis justify premium. Bears using higher discount rates ($54 PT) represent maximum caution; base/bull analysts cluster $66-78, consistent with DCF output. |
| Cocoa Risk | The primary bear case risk is structural cocoa cost elevation. If cocoa stays at $8,000+/tonne permanently (vs historical $2,500-3,500), normalized gross margins may reset to 30-33% rather than 37-39%. This is the key watch variable. Cocoa futures have retreated to ~$8,500 from $12,000+ peak as of early 2026. |
Bore Family Office • Analysis generated by Lurch • Not investment advice.