Original-Research: Bitcoin Group SE (von GBC AG): BUY
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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 EUR 7.0
million for the current fiscal year 2022 (previously: EUR 14.57 million),
followed by EUR 12.0 million (previously: EUR18.94 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 EUR 0.10 per share paid.
The revenue development should also be reflected in the results and we
expect EBITDA of EUR 1.68 million in the current fiscal year 2022
(previously: EUR 9.25 million), followed by EUR 5.27 million (previously: EUR
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 EUR -3.5 million (previously: EUR -0.63
million), followed by EUR 5.1 million (previously: EUR 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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