Hi cryptopeople,
first i wanna state clear, that the "Binance BNB token" is no "share" of the Binance exchange! But in this comparison we gonna look at it a bit like a share of Binance.
But lets look at some numbers and compare them to some established exchanges in the classic asset trading.
Binance has a market cap of 950.000.000$ (4.1.18)
It has an estimated trading volume of ~1.000.000.000.000$ in 2018
If u calculate this with the 0.1% trading fees u get to an volume of 1.000.000.000$.
But there are also the withdrawal fees, the voting fees + other income. I think u come to a conservative 500.000.000$ to 750.000.000$ profit in 2018.
If you put that in relation to its market value u will get an PSR of ~1 and an PER of ~0.6
We gonna take a look at the German Stock Exchange (Deustche Börse) to compare that.
Deutsche Börse has an volume of around 3.000.000.000$ and a profit from 1.000.000.000$ to 1.300.000.000$ in 2016.
Its market cap is around 21.000.000.000$.
this makes an PSR of 7.6 and a PER of ~25
As i said in the beginning the BNB tokens aren't shares of the Binance Exchange but i think if u look in the future and if u account that we are just in the beginning of the people using Cryptocurrency exchanges there is a lot of space upstairs!
The difference to the most other Altcoins is that it already has some major usecases already.
Exchange Fees: Binance tokens can be used to reduce fees for trade costs and commissions. Currently, Binance has a 0.1% trade fee and 50% of the fee can be paid in terms of Binance tokens.
GAS: Binance will eventually feature advanced features that require GAS. BNB tokens can be used as GAS to power these advanced features.
Staking: Binance eventual want to develop a decentralized exchanged. The BNB tokens will eventually be used on this exchange to stake transactions.
Considering the listed arguments if think u can say yes, the Binance Coin BNB IS UNDERVALUED!
Hope i could give some of u some new information or a new perspective on this altcoin!
Best regards
Lexicoin