Advanced Blockchain AG
Original-Research: Advanced Blockchain AG (von GBC AG): BUY

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 Report (Initial Coverage)
Empfehlung: BUY
Kursziel: 10.00 EUR
Kursziel auf Sicht von: 31.12.2023
Letzte Ratingänderung: –
Analyst: Julien Desrosiers, Felix Haugg, Matthias Greiffenberger

The Gateway to DeFi, Crypto & Web 3.0. Significant upside potential due to
the well diversified portfolio. Successful partial divestments and
financing rounds confirm the Group’s investment approach.

Advanced blockchain AG is a blockchain venture builder focused on
investing, developing, and scaling in disruptive technologies including
token investments. Their main market is therefore the venture capital
market for companies active in blockchain technology, with a particular
focus on the decentralized finance (DeFi) sector and infrastructure
projects enabling Web 3.0.

Advanced Blockchain AG is an innovation center with a diversified portfolio
consisting of internal projects, incubations as well as early-stage
investments. The venture builder arm of Advanced Blockchain AG acts as a
leading incubator of projects such as for Composable Finance.

Advanced Blockchain AG is not only incubating highly promising projects,
but the company also has a diversified portfolio of investments which will
be further expanded. Extensive expertise, resources and networks provide
the company with early-stage access to exclusive investment opportunities
in projects with significant potential.

The company’s investment strategy has two objectives: maximizing return on
investment and identifying synergies in the ecosystem. Supporting the most
promising projects with smart capital enables them to fulfill their
mission, which in turn provides the company with a good return on
investment. Moreover, the company’s synergies enable it to exponentially
increase the potential and capabilities of its portfolio companies through
shared growth and integration, as illustrated by the example of Composable
Finance (an incubation project), which secured the eighth parachain in the
Polkadot network by raising more than USD 160 million through a crowd-loan.
This resulted in an implied combined valuation of USD 400 million for the
LAYR and PICA token, adding nearly USD 20 million to Advanced Blockchain’s
USD 2 million initial investment alone.

Advanced blockchain AG is listed in the Scale segment of Deutsche Börse, as
well as in the primary market of Börse Düsseldorf.

In total, we have calculated an enterprise value of around EUR 83 million
(previously: EUR 88 million) according to NAV. With 3.77 million shares
outstanding, this corresponds to a value per share of EUR 21.99
(previously: EUR 23.32). Due to the sharp decline in crypto markets and the
current ‘crypto winter’, we have applied an additional discount to the
calculated fair value. We currently calculate this at around 55%. This
corresponds to the average decline of the two leading cryptocurrencies
Bitcoin and Ethereum since the publication of our initial valuation
(21.04.21). Therefore, we calculated the fair value at EUR 37.75 million or
EUR 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
in our initial coverage.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/24603.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: 13.07.2022 (10:00)
Date and time of the first disclosure of the study: 13.07.2022 (10:30)

——————-übermittelt durch die EQS Group AG.——————-


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