Original-Research: Advanced Blockchain AG - von GBC AG
Einstufung von GBC AG zu Advanced Blockchain AG
Unternehmen: Advanced Blockchain AG
ISIN: DE000A0M93V6
Anlass der Studie: Research Update
Empfehlung: BUY
Kursziel: 10.00 EUR
Kursziel auf Sicht von: 31.12.2023
Letzte Ratingänderung:
Analyst: Julien Desrosies, Matthias Greiffenberger
The Gateway to DeFi, Crypto & Web 3.0. HY 2022 as expected. Price Target confirmed.
In the past half year 2022, the Advanced Blockchain AG Group generated revenues of € 23.40 million. (HY 2021 €2.12 million).
EBITDA of € 0.88 million was achieved, which corresponds to an EBITDA margin of 3.8%. (HY 2021 € 1.56 million; EBITDA margin 73.8%). The largest cost item was the cost of materials at € 21.49 million. Other operating expenses amounted to € 2.38 million. Personnel expenses were very low and amounted to € 0.28 million. Overall, net income of € -0.54 million was achieved, resulting in a net margin of -2.3%. The company has a very lean balance sheet. Equity in the group amounted to € 12.97 million, which corresponds to an equity ratio of 57.6%. Liquid funds were € 3.53 million.
Their crypto investments were recognized at cost and are included in other assets. The item receivables and other assets amounted to € 18.09 million.
Many of the portfolio positions are still at the beginning and have a great potential to develop dynamically. In addition, according to our assessment, there are still unpublished portfolio positions, which can also have a value-enhancing effect. According to the management, the annual holding costs are just below € 2 million, which we deduct from our portfolio valuation according to the NAV approach.
In total, we confirm our calculated enterprise value of around € 83 million according to NAV. With 3.79 million shares outstanding, this corresponds to a value per share of € 21.99. Due to difficult crypto markets and the ongoing 'crypto winter', we have applied an additional market discount to the calculated fair value. We currently calculate this at around 55%. Therefore, we see the fair value at € 37.75 million or € 10.00 per share. Thus, our price target of EUR 10.00 is currently significantly below the calculated fair intrinsic value. With a calming of the crypto markets and a 'crypto spring', we will then also reduce our 'market discount' accordingly.
Against the background of the high upside potential, we assign a BUY rating.
Outlook 2022
Despite the loss in the first half of 2022, Advanced Blockchain AG's
management is aiming to end fiscal 2022 profitably, which is 'very
realistic due to profitable incubation efforts, as well as the successful
partial sale of tokens.'
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25769.pdf
Kontakt für Rückfragen
GBC AG
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung
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Date and time of completion of the study: 03.11.2022 (16:20)
Date and time of the first disclosure of the study: 07.11.2022 (10:30)
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