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 Note
Empfehlung: BUY
Kursziel: 50.00 EUR
Letzte Ratingänderung: 31.12.2023
Analyst: Matthias Greiffenberger, Cosmin Filker

Foundation laid for a dividend stock.
 
Due to the significantly clouded capital and crypto markets, the company has adjusted its guidance. Thus, the management of Bitcoin Group SE now expects sharply declining revenues and an EBITDA in the lower single-digit million range. Previously, the guidance was for slightly declining revenues and EBITDA in the upper single-digit million range. We also assume that there will be no short-term recovery on the capital markets in the current fiscal year and have adjusted our forecast. We expect revenues of € 7.0 million for the current fiscal year 2022 (previously: € 14.57 million), followed by € 12.0 million (previously: €18.94 million) for the following fiscal year 2023.
 
We assume that the business model of Bitcoin Group SE is promising in the medium and long term and only marginally adjust our margin assumptions in the DCF model. The company is uniquely positioned in the German market in particular and was the first German provider to offer crypto-to-crypto trading opportunities on its platform. In addition, with its German headquarters and BaFin regulations with a banking license, it offers the greatest possible regulatory security and transparency from the customer's perspective. With rising crypto markets and high media attention, Bitcoin Group has always been able to benefit disproportionately from these trends. We expect that with an improvement of the market development, Bitcoin Group SE will also be able to participate disproportionately in this development again.
 
Furthermore, the company could grow further via M&A transactions. A company announcement was published on October 20, 2022, stating that the company is in takeover negotiations with potential targets, including Bankhaus von der Heydt.
 
In addition, the recent decision at the Annual General Meeting on July 1, 2022 has laid the foundation for a dividend stock. A sustainable dividend policy is to be pursued and an initial dividend of € 0.10 per share paid.  
The revenue development should also be reflected in the results and we expect EBITDA of € 1.68 million in the current fiscal year 2022 (previously: € 9.25 million), followed by € 5.27 million (previously: € 13.17 million) in 2023. For the coming fiscal year, we assume that there will be no further impairments of the crypto equity and expect a net result in the current fiscal year 2022 of € -3.5 million (previously: € -0.63 million), followed by € 5.1 million (previously: € 8.81 million) in fiscal year 2023.
 

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26163.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: 08.12.22 (09:45) (German version: 06.12.2022 (17:26)) Date and time of the first distribution of the study: 08.12.22 (11:00) (German version: 07.12.2022 (10:00))

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Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.