07.11.2022
Advanced Blockchain AG DE000A0M93V6
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 Anlass der Studie: Research Update The Gateway to DeFi, Crypto & Web 3.0. HY 2022 as expected. Price Target confirmed. In the past half year 2022, the Advanced Blockchain AG Group generated revenues of € 23.40 million. (HY 2021 €2.12 million). EBITDA of € 0.88 million was achieved, which corresponds to an EBITDA margin of 3.8%. (HY 2021 € 1.56 million; EBITDA margin 73.8%). The largest cost item was the cost of materials at € 21.49 million. Other operating expenses amounted to € 2.38 million. Personnel expenses were very low and amounted to € 0.28 million. Overall, net income of € -0.54 million was achieved, resulting in a net margin of -2.3%. The company has a very lean balance sheet. Equity in the group amounted to € 12.97 million, which corresponds to an equity ratio of 57.6%. Liquid funds were € 3.53 million. Their crypto investments were recognized at cost and are included in other assets. The item receivables and other assets amounted to € 18.09 million. Many of the portfolio positions are still at the beginning and have a great potential to develop dynamically. In addition, according to our assessment, there are still unpublished portfolio positions, which can also have a value-enhancing effect. According to the management, the annual holding costs are just below € 2 million, which we deduct from our portfolio valuation according to the NAV approach. In total, we confirm our calculated enterprise value of around € 83 million according to NAV. With 3.79 million shares outstanding, this corresponds to a value per share of € 21.99. Due to difficult crypto markets and the ongoing 'crypto winter', we have applied an additional market discount to the calculated fair value. We currently calculate this at around 55%. Therefore, we see the fair value at € 37.75 million or € 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. Outlook 2022 Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25769.pdf Kontakt für Rückfragen -------------------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. |