09.11.2021 Bitcoin Group SE  DE000A1TNV91

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 (Initial Coverage) Empfehlung: BUY
Kursziel: 120.00 EUR
Kursziel auf Sicht von: 31.12.2022
Letzte Ratingänderung: -
Analyst: Matthias Greiffenberger, Felix Haugg

Highly profitable trading platform for cryptocurrency exceeds 1 million customers and continues to grow. The business model is relatively independent of the crypto price.

Bitcoin Group SE, as the holding company, primarily operates the crypto trading site bitcoin.de. The trading platform is highly profitable and is experiencing dynamic growth. Furthermore, according to management, the company holds crypto stocks of EUR 234 million as of 24.10.2021, which corresponds to net crypto stocks of EUR 172.93 million according to our approximation. With a market cap of EUR 250,00 million and enterprise value of EUR 49.80 million (market cap less crypto and cash holdings), we currently view the company as highly undervalued. In our opinion, the extensive net cash could also lead to a share buyback program.

Significant revenue and earnings growth were recorded in the past financial year 2020. This was due to the significant increase in trading volumes on the bitcoin.de trading platform and the steadily rising number of registered users. The resulting commissions also led to a significant increase in the company's own cryptocurrency holdings. The highly favorable development continued in the first half of 2021.

The increase in sales in the 2020 financial year by 138.7% to EUR 15.03 million (PY: EUR 6.30 million) can be explained on the one hand by the relatively low base of the previous year and, on the other hand, by the high trading volume in 2020. The strong interest in cryptocurrencies has continued in 2021 and sales increased by 184.2% to EUR 17.70 million (PY: EUR 6.23 million) as of 30.06.2021.

Due to the high scalability of the business model, EBITDA increased to EUR 10.55 million (previous year: EUR 2.59 million), which corresponds to an improvement in the margin from 41.2% to 70.1%. Operating costs rose by 24.0% to EUR 4.70 million (previous year: EUR 3.79 million), with a large part of the increase being due to the full consolidation of futurum bank AG, which has higher personnel expenses. Overall, net income for the year thus increased to EUR 9.52 million (previous year: EUR 2.15 million). On the earnings side, the company improved even more in the first half of 2021, with EBITDA rising by 245.8% to EUR 14.44 million (PY: EUR 4.18 million). The net result for the first half of 2021 also increased disproportionately by 190.0% to EUR 10.17 million (previous year: EUR 3.51 million). This means that the full-year result for 2020 was already exceeded in the first half of 2021.

In balance sheet terms, the company is in a very good position, with equity as of 31.12.2020 of EUR 80.15 million (31.12.2019: EUR 30.42 million) and an equity ratio of 73.7% (PY: 77.0%). The increase in equity is due on the one hand to the net profit for the year and on the other hand to the strongly positive development of the cryptocurrencies held in the amount of EUR 90.31 million less the potentially incurred taxes in the amount of EUR 23.66 million. As of 30.06.2021, equity improved again to EUR 115.25 million due to the high net result, which corresponds to a high equity ratio of 73.7%.

The guidance was confirmed for the first half of 2021. The company expects moderate to strong revenue growth and EBITDA in the low to mid double-digit million range. Our current forecast is based, among other things, on the stock-to-flow model, which currently has the most accurate bitcoin price predictions. We believe revenues should increase 59.6% to EUR 24,00 million in the current fiscal year, followed by EUR 25.92 million in fiscal 2022.

Due to the high scalability of the business model, we also expect margins to improve as revenues increase and anticipate EBITDA of EUR 18.31 million in 2021 and EUR 20.05 million in 2022. Net income should grow accordingly to EUR12.40 million in 2021 and EUR 13.63 million in 2022.

The company is highly profitable and comparatively independent of the cryptocurrency price trend. Nevertheless, the share price is still strongly oriented towards the bitcoin price. Based on our DCF model, we have determined a fair value of EUR 120.00 per share and assign a BUY rating due to the very high upside potential.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/23029.pdf

Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
[email protected]
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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: 02.11.2021 (09:00) – German version: 28.10.2021 (09:00) Date and time of the first disclosure of the study: 09.11.2021 (10:00) – German version: 02.11.2021 (10:00) Validity of the target price: until max. 31.12.2022

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

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.



Die wichtigsten Finanzdaten auf einen Blick
  2016 2017 2018 2019 2020 2021 2022e
Umsatzerlöse1 1,13 12,65 11,33 6,30 15,03 25,39 0,00
EBITDA1,2 -0,10 10,91 8,66 2,59 10,55 19,75 0,00
EBITDA-Marge3 -8,85 86,25 76,43 41,11 70,19 77,79 0,00
EBIT1,4 -0,11 10,89 2,43 3,24 13,54 19,74 0,00
EBIT-Marge5 -9,73 86,09 21,45 51,43 90,09 77,75 0,00
Jahresüberschuss1 0,11 7,45 1,55 2,15 9,52 13,37 0,00
Netto-Marge6 9,73 58,89 13,68 34,13 63,34 52,66 0,00
Cashflow1,7 0,29 6,69 -1,11 -0,36 7,41 8,77 0,00
Ergebnis je Aktie8 0,02 1,49 0,31 0,43 1,90 2,67 2,10
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2021 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: GAR

INVESTOR-INFORMATIONEN
©boersengefluester.de
Bitcoin Group
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A1TNV9 31,400 Halten 157,00
KGV 2023e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
12,56 27,54 0,46 35,28
KBV KCV KUV EV/EBITDA
1,04 17,90 6,18 -2,25
Dividende '20 in € Dividende '21e in € Div.-Rendite '21e
in %
Hauptversammlung
0,00 0,00 0,00 01.07.2022
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
30.09.2022 17.05.2022
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-14,05% -21,92% -22,85% -23,32%
    
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