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Original-Research: Bitcoin Group SE - von GBC AG
Einstufung von GBC AG zu Bitcoin Group SE
Unternehmen: Bitcoin Group SE
ISIN: DE000A1TNV91
Anlass der Studie: Research Comment
Empfehlung: BUY
Kursziel: 120.00 EUR
Kursziel auf Sicht von: 31.12.2022
Letzte Ratingänderung: -
Analyst: Matthias Greiffenberger, Felix Haugg
Preliminary business figures 2021 - Very good development with results above our forecasts
On March 29, 2022, Bitcoin Group SE published the preliminary business figures for the year 2021. Accordingly, sales increased by 56.6% to EUR23.5 million (previous year: EUR15.0 million). EBITDA increased by 85.7% to EUR19.5 million (previous year: EUR10.5 million). The very good business development is due to the trading activities on bitcoin.de and on the crypto trading platform of futurm bank AG.
Therefore, the GBC forecasts were almost hit despite the volatile crypto prices. Our revenue forecast stood at EUR24.00 million, and our EBITDA forecast at EUR18.31 million. Thus, actual revenue was slightly below our forecast and EBITDA was above our forecast.
According to the company, total assets more than doubled due to the significant increase in cryptocurrency holdings, from EUR 108.8 million as of December 31, 2020 to EUR 223.4 million as of December 31, 2021. In line with this, cash and cash equivalents increased to EUR 20.3 million (December 31, 2020: EUR 12.0 million). At 72.5%, the equity ratio remained at the previous year's level (73%).
The annual report is scheduled for publication in April 2022. We will adjust our forecasts and valuation within a research report (anno) based on the complete set of figures. We therefore confirm our current valuation with a price target of EUR120.00 and assign a Buy rating.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/23703.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,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
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Time of completion: 30.30.2022, 6:15 pm
Time of publication: 31.03.2022, 11:00 am
Validity of the target price: until max. 31.12.2022
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