Bitcoin Group SE
Original-Research: Bitcoin Group SE (von GBC AG): BUY

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 Report (Anno)
Empfehlung: BUY
Kursziel: 80.00 EUR
Kursziel auf Sicht von: 31.12.2023
Letzte Ratingänderung: –
Analyst: Matthias Greiffenberger, Felix Haugg

Continued highly profitable trading platform, despite the difficult market
environment. Sustainable dividend and share buybacks planned.

Bitcoin Group SE has completed a record financial year with revenue of EUR
25.39 million (previous year: EUR 15.03 million) and EBITDA of EUR 19.75
million (previous year: EUR 10.55 million). The disproportionate
improvement in earnings was reflected in net income of EUR 13.37 million
(previous year: EUR 9.52 million). This excellent operating performance is
primarily due to the high trading volume of the crypto trading platform
Bitcoin.de in the first half of 2022. The crypto markets developed very
dynamically at the end of 2020 and until the middle of 2022 and numerous
institutional investors and companies invested in this asset class. At the
same time, crypto ETFs were launched and El Salvador recognized Bitcoin as
a means of payment. Driven by this media focus, new highs were steadily
reached. Starting in the winter of 2021, many cryptocurrencies lost value
and media attention shifted.

As a result of the very good operating performance, cash and cash
equivalents increased to EUR 20.28 million (PY: EUR 12.01 million) and net
crypto equity to EUR 132.43 million as of December 31, 2021. Crypto markets
have lost about 50% in value since the beginning of the year, in parallel
with traditional capital markets. Therefore, we estimate the current net
crypto equity holdings to be around EUR 65 million. With a market
capitalization of currently around EUR 125 million and cash and cash
equivalents of around EUR 85 million, the enterprise value is around EUR 40
million. This means that the company’s operating business, which generated
net income of EUR 19.75 million in the past fiscal year 2021, is valued at
only EUR 40 million. In our view, the company remains significantly
undervalued. This view is also shared by the management and a share buyback
program and a dividend of EUR 0.10 per share were approved at the Annual
General Meeting on July 1, 2022.

The financial markets are currently under pressure due to general concerns
about rising inflation, geopolitical tensions, especially the Ukraine
conflict, and the possibility of a tighter monetary policy by the U.S.
Federal Reserve. This development is also reflected in the crypto markets.
Therefore, our forecasts, as well as guidance, are below the previous
year’s level. We expect revenues of EUR 14.57 million in the current fiscal
year (PY: EUR 25.39 million) and EBITDA of EUR 9.25 million (PY: EUR 19.75
million), followed by EUR 18.94 million in revenues in 2023 and EBITDA of
EUR 13.17 million. In our opinion, 2023 should develop much more
dynamically with crises overcome by then and a pending Bitcoin halving. A
Bitcoin halving means a halving of Bitcoin inflation, which usually leads
directly to price increases. The consensus for Bitcoin is still a value of
at least EUR 100,000, but the time frames of many estimates differ
significantly.

Based on our DCF model, we have determined a fair value of EUR 80.00
(previously EUR 120.00) and assign a BUY rating. The background to the
reduced price target is, on the one hand, the lower forecast for the
current fiscal year 2022 and, on the other hand, the increased risk-free
interest rate.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/25017.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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Date and time of completion of the study: 11.08.2022 4:00 p.m. – German version: 10.08.2022 (11:00 a.m.)
Date and time of the first disclosure of the study: 12.08.2022 10:00 a.m. – German version: 11.08.2022 (10:00 a.m.)

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