D-Wave Quantum Systems Inc. - Revision history

>BigDesa: /* Assumptions */

2023-08-03T20:15:45Z

Assumptions

← Older revision		Revision as of 21:15, 3 August 2023
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	===Assumptions===		===Assumptions===

			* '''<u>Foreign currency translation adjustment, net of tax</u>''' is used as tax
	* cost of debt is 2%; Market Risk Premium is 4.2%; Tax Rate 21%		* cost of debt is 2%; Market Risk Premium is 4.2%; Tax Rate 21%
	* Risk Free Rate is US 10 year T-bills: 4.0%		* Risk Free Rate is US 10 year T-bills: 4.0%
	* US GDP 2023 is used as TGR : 5.9%		* US GDP 2023 is used as TGR : 5.9%
	* All the inputs (e.g. revenue) is estimated by weighted average		* All the inputs (e.g. revenue) is estimated by weighted average
	* Terminal ~~Valus~~ is calculated with Perpetuity Growth Method		* Terminal Values is calculated with Perpetuity Growth Method

	===WACC===		===WACC===

>BigDesa: /* Comparison of all D-Wave systems */

2023-07-28T17:06:02Z

Comparison of all D-Wave systems

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 more information about D-Wave quantum computers can be found [https://www.dwavesys.com/solutions-and-products/systems/ here]

>BigDesa: Add Useful Links

2023-07-28T16:38:50Z

Add Useful Links

← Older revision		Revision as of 17:38, 28 July 2023
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			more information about D-Wave quantum computers can be found [https://www.dwavesys.com/solutions-and-products/systems/ here]

	==Market==		==Market==
	'''Total Addressable Market'''		'''Total Addressable Market'''
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	'''Servicable Obtainable Market(SOM)'''		'''Servicable Obtainable Market(SOM)'''

	D-wave did not publically disclosed its SOM. Given the fact that D-Wave is well-funded, with a strong technology platform, a growing customer base, and a strong management team. I estimate, on the assumption that D-Wave will capture around 25% of the SAM, the company's SOM is around $2 billion.		D-wave did not publically disclosed its SOM. Given the fact that D-Wave is well-funded, with a strong technology platform, a growing customer base, and a strong management team. I estimate, on the assumption that D-Wave will capture around 25% of the SAM, the company's SOM is around $2 billion.<blockquote>More on quantum computing markets, see [https://www.fortunebusinessinsights.com/quantum-computing-market-104855 '''Fortune Bussiness Insights'''] and [https://www.marketsandmarkets.com/Market-Reports/quantum-computing-market-144888301.html?gclid=CjwKCAjwq4imBhBQEiwA9Nx1Bs8Xn0e7wObWtl7V6h7B8zCYR-0TNeurxQgyIyp3Z0S982GZ2cwtShoCQs8QAvD_BwE '''MarketsandMarkets'''].</blockquote>

	==Competition==		==Competition==
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	== Financials ==		== Financials ==
	https://~~ir.dwavesys~~.com/~~news~~/~~news-details~~/~~2023~~/~~D-Wave-Reports-Fourth-Quarter-and-Year-End-2022-Results/default~~.~~aspx~~		<blockquote>[https://stockanalysis.com/stocks/qbts/financials/ Stock Analysis]: Highly Recommended, has almost all the Fundamental Data about a company.

	[https://~~stockanalysis~~.com/~~stocks~~/~~qbts~~/~~financials~~/ ~~Stock Analysis]~~		[https://pitchbook.com/profiles/company/51244-57#timeline PitchBook]: Has information about companies, including compariables & competitors, but subscription required</blockquote>2022 Q4 Report: https://ir.dwavesys.com/news/news-details/2023/D-Wave-Reports-Fourth-Quarter-and-Year-End-2022-Results/default.aspx

			2022 Annual Report https://s201.q4cdn.com/339170267/files/doc_financials/2022/q4/f08a6a0c-2ea5-4a3f-bda0-4eb7769ed224.pdf

	=== '''<u>Most recent quarter(Q1)</u>''' ===		=== '''<u>Most recent quarter(Q1)</u>''' ===
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	=== '''Discounted Cash Flow Model''' ===		=== '''Discounted Cash Flow Model''' ===
	[[File:Dwave-dcf-1.jpg\|frameless\|952x952px]]		[[File:Dwave-dcf-1.jpg\|frameless\|952x952px]]

			== Proposal ==
			https://www.marketbeat.com/stocks/NYSE/QBTS/price-target/

			More Justifications of longing QBTS stock:

			1. [https://www.fool.com/investing/2023/07/21/why-d-wave-quantum-stock-is-sinking-today/?source=eptcnnlnk0000002&utm_source=cnnmoney&utm_medium=feed&utm_campaign=article Why is D-Wave stock Shrinking recently?]

			== References ==

>BigDesa: Add Documentation Link

2023-07-28T16:29:29Z

Add Documentation Link

← Older revision		Revision as of 17:29, 28 July 2023
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	===What are the main offerings of the company?===		===What are the main offerings of the company?===
	[[File:Dwave-product-advantage.png\|thumb\|D-Wave Advantage Quantum System/Computer]]		[[File:Dwave-product-advantage.png\|thumb\|D-Wave Advantage Quantum System/Computer]]
	<small>Classification by Product(Type):</small>		<small>Classification by Product(Type):</small><blockquote>'''[https://docs.dwavesys.com/docs/latest/index.html D-Wave System Documentation]'''</blockquote>

	* '''[https://www.dwavesys.com/solutions-and-products/systems/ Advantage]''': the world's first <u>quantum computer built for business(</u>n.b. distinct from D-Wave One, "the world's first commercial quantum computer"). It's processor has an architechture packing 5000+ [[:en:Qubit\|qubits]], with 15-way [https://thequantuminsider.com/2023/07/10/why-qubit-connectivity-matters/ qubit connectivity].		* '''[https://www.dwavesys.com/solutions-and-products/systems/ Advantage]''': the world's first <u>quantum computer built for business(</u>n.b. distinct from D-Wave One, "the world's first commercial quantum computer"). It's processor has an architechture packing 5000+ [[:en:Qubit\|qubits]], with 15-way [https://thequantuminsider.com/2023/07/10/why-qubit-connectivity-matters/ qubit connectivity].
	** As a quantum computer, it intrinsically delivers improved performance on real-world problems over classical approaches. While compared to previous generations, the Advantage is 30x faster and delivers equal or better solutions 94% of the time compared to our previous generation system.		** As a quantum computer, it intrinsically delivers improved performance on real-world problems over classical approaches. While compared to previous generations, the Advantage is 30x faster and delivers equal or better solutions 94% of the time compared to our previous generation system.

>BigDesa: Products

2023-07-28T14:54:32Z

Products

>BigDesa: minor edit

2023-07-28T14:52:01Z

minor edit

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	* '''[https://www.dwavesys.com/solutions-and-products/ocean/ Ocean]''': a <u>open source SDK</u> written for mainly in Python, allowing enterprise access of quantum computing techniques, simulators, etc, via API in their business workflow.		* '''[https://www.dwavesys.com/solutions-and-products/ocean/ Ocean]''': a <u>open source SDK</u> written for mainly in Python, allowing enterprise access of quantum computing techniques, simulators, etc, via API in their business workflow.
	** [https://www.dwavesys.com/media/2pnfscch/the-pattison-food-group_case_story_v7-1.pdf Case Study: Auto-Scheduler for Pattison Food Group]		** [https://www.dwavesys.com/media/2pnfscch/the-pattison-food-group_case_story_v7-1.pdf Case Study: Auto-Scheduler for Pattison Food Group]
	[[File:Dwave-product-ocean.png~~\|none~~\|thumb\|880x880px\|Ocean SDK]]		[[File:Dwave-product-ocean.png\|thumb\|880x880px\|Ocean SDK\|center]]
	Classification by Industry:		Classification by Industry:

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	\|-		\|-
	\|'''Revenue Growth (%)'''		\|'''Revenue Growth (%)'''
	\|		\|/
	\|21.69		\|21.69
	\|14.24		\|14.24

>BigDesa: Competitors done

2023-07-28T13:52:05Z

Competitors done

Show changes

>BigDesa: Risk & Catalyst Done

2023-07-28T09:39:10Z

Risk & Catalyst Done

← Older revision		Revision as of 10:39, 28 July 2023
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	*Technology Effectiveness: D-Wave's quantum computers are still in their early stages of development, and there is a risk that the technology may not be as effective as expected. If the technology does not live up to expectations, it could damage D-Wave's reputation and make it difficult to attract customers. '''C1'''		*Technology Effectiveness: D-Wave's quantum computers are still in their early stages of development, and there is a risk that the technology may not be as effective as expected. If the technology does not live up to expectations, it could damage D-Wave's reputation and make it difficult to attract customers. '''C1'''
	*Competitions: Main competitors of D-Wave, apart from Rigetti Computing, IonQ, there are also top tech giants: Microsoft, IBM, Google, Honeywell… providing quantum computing services as subsidiary products. They use different techniques for the qubits in their quantum computers. If these companies are successful in developing more powerful and efficient quantum computers earlier than D-Wave, the investment might downtrend in median term. '''C2'''		*Competitions: Main competitors of D-Wave, apart from Rigetti Computing, IonQ, there are also top tech giants: Microsoft, IBM, Google, Honeywell… providing quantum computing services as subsidiary products. They use different techniques for the qubits in their quantum computers. If these companies are successful in developing more powerful and efficient quantum computers earlier than D-Wave, the investment might downtrend in median term. '''C2'''
	*Materialisation: The quantum computing market is still in its early stages of development, and there is a risk that it may not materialize. If the market does not materialize, even thought there are already 25+ use ~~casesit~~ could be difficult for D-Wave to find customers for its quantum computers. '''C1'''		*Materialisation: The quantum computing market is still in its early stages of development, and there is a risk that it may not materialize. If the market does not materialize, even thought there are already 250+ use cases, it could be difficult for D-Wave to find further customers for its quantum computers. '''B1'''

			== Catalysts ==

			* [https://www.sdxcentral.com/articles/news/d-wave-lowers-quantum-cloud-service-bar-launches-in-aws-marketplace/2022/10/ Lowering the Service Barrier]: In 2022, announced the launch in the AWS Marketplace to offer its Leap quantum cloud service, quantum proof-of-concept, and quantum feature selection for machine learning (ML)
			* [https://www.eenewseurope.com/en/d-wave-university-of-waterloo-collaborate-on-quantum-coherence/ Stronger Research Force]: In 2023, announced two new collaborations with Institute of Quantum Computing, University of Waterloo on key hardware research, specifically on quantum coherence in quantum computing systems.
			** The two multi-year projects between D-Wave and the researchers were funded through the Natural Sciences and Engineering Research Council of Canada (NSERC) Quantum Alliance program, which is part of Canada’s National Quantum Strategy. These projects will focus on identifying improvements in device design and materials quality that support increasingly coherent superconducting quantum processors.
			* Collaboration 1: https://www.mastercard.com/news/press/2022/july/d-wave-and-mastercard-take-quantum-leap-into-future-of-financial-services/
			* Collaboration 2: https://thequantuminsider.com/2023/06/04/d-wave-and-interpublic-group-partner-on-quantum-powered-advertising-optimization/

	== Valuation ==		== Valuation ==
	===Assumptions===		===Assumptions===

>BigDesa: Risks

2023-07-28T09:23:51Z

Risks

← Older revision		Revision as of 10:23, 28 July 2023
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	===Risks related to the ability to grow the business===		===Risks related to the ability to grow the business===
	*		*Technology Effectiveness: D-Wave's quantum computers are still in their early stages of development, and there is a risk that the technology may not be as effective as expected. If the technology does not live up to expectations, it could damage D-Wave's reputation and make it difficult to attract customers. '''C1'''
	~~===Risks related~~ to ~~the company~~'s ~~operations===~~		*Competitions: Main competitors of D-Wave, apart from Rigetti Computing, IonQ, there are also top tech giants: Microsoft, IBM, Google, Honeywell… providing quantum computing services as subsidiary products. They use different techniques for the qubits in their quantum computers. If these companies are successful in developing more powerful and efficient quantum computers earlier than D-Wave, the investment might downtrend in median term. '''C2'''
	*		*Materialisation: The quantum computing market is still in its early stages of development, and there is a risk that it may not materialize. If the market does not materialize, even thought there are already 25+ use casesit could be difficult for D-Wave to find customers for its quantum computers. '''C1'''
	~~===Risks related to government laws~~ and ~~regulations===~~
	*
	~~===Risks related to the ownership~~ of the ~~company~~'~~s common stock===~~
	*

	== Valuation ==		== Valuation ==
	===Assumptions===		===Assumptions===

>BigDesa: Valuation

2023-07-28T09:12:01Z

Valuation

Show changes

← Older revision		Revision as of 15:54, 28 July 2023
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	* '''[https://www.dwavesys.com/solutions-and-products/ocean/ Ocean]''': a <u>open source SDK</u> written for mainly in Python, allowing enterprise access of quantum computing techniques, simulators, etc, via API in their business workflow.		* '''[https://www.dwavesys.com/solutions-and-products/ocean/ Ocean]''': a <u>open source SDK</u> written for mainly in Python, allowing enterprise access of quantum computing techniques, simulators, etc, via API in their business workflow.
	** [https://www.dwavesys.com/media/2pnfscch/the-pattison-food-group_case_story_v7-1.pdf Case Study: Auto-Scheduler for Pattison Food Group]
	[[File:Dwave-product-ocean.png\|thumb\|880x880px\|Ocean SDK\|center]]		[[File:Dwave-product-ocean.png\|thumb\|880x880px\|Ocean SDK\|center]]
	Classification by Industry:		Classification by Industry:
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	* '''Life Sciences''': [https://www.dwavesys.com/solutions-and-products/manufacturing-logistics/ Successful Cases: Clinical Studies and COVID-19(Menten AI)]		* '''Life Sciences''': [https://www.dwavesys.com/solutions-and-products/manufacturing-logistics/ Successful Cases: Clinical Studies and COVID-19(Menten AI)]
	* '''Manufactoring & Logistics''': [https://www.dwavesys.com/solutions-and-products/manufacturing-logistics/ Successful Cases: E-Commerce Logistics and Value Chain]		* '''Manufactoring & Logistics''': [https://www.dwavesys.com/solutions-and-products/manufacturing-logistics/ Successful Cases: E-Commerce Logistics and Value Chain]

	* '''Public Sector''': [https://www.dwavesys.com/solutions-and-products/manufacturing-logistics/ Successful Cases: Mission-Critical problems for Governments and Organisations]		* '''Public Sector''': [https://www.dwavesys.com/solutions-and-products/manufacturing-logistics/ Successful Cases: Mission-Critical problems for Governments and Organisations]

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	* '''[https://www.dwavesys.com/solutions-and-products/developer/ Developer]''': building real quantum applications		* '''[https://www.dwavesys.com/solutions-and-products/developer/ Developer]''': building real quantum applications
	* '''[https://www.dwavesys.com/solutions-and-products/researcher/ Researcher]''': theoretical boundaries of quantum computing		* '''[https://www.dwavesys.com/solutions-and-products/researcher/ Researcher]''': theoretical boundaries of quantum computing
	** Topics: From practical applications like traffic optimization, to measuring quantum speedup, to finding the Higgs boson again~~[https://www.dwavesys.com/media/2pnfscch/the-pattison-food-group_case_story_v7-1.pdf Case Study: Auto-Scheduler for Pattison Food Group]~~		** Topics: From practical applications like traffic optimization, to measuring quantum speedup, to finding the Higgs boson again

	=== Comparison of all D-Wave systems ===		=== Comparison of all D-Wave systems ===