NBIS ▲ +2.0% - Nebius Group N.V. $NBIS int Sell @ Redburn pt 84 unsustainable unit economics and a demanding valuation. Valuation is a DCF at 20% cost of equity and 6% cost of debt, with extra value for the inferencing business and the ClickHouse stake. Upside if newer GPUs lift revenue per GW, the Token Factory inference business scales fast, or capacity comes online ahead of plan. Downside if key customers insource or a falling share price raises leverage and funding costs. Nebius shares rose 2.0% despite a Sell rating from Redburn, which cited unsustainable unit economics and a demanding valuation based on a discounted cash flow model incorporating a 20% cost of equity and 6% cost of debt. The analyst identified potential upside from newer GPU efficiency gains, faster scaling of the Token Factory inference business, or ahead-of-schedule capacity additions, but flagged downside risks including customer insourcing and potential funding cost pressures if leverage rises. 21-SEP-2026 05:32 AM ET