Original-Research: Samara Asset Group (von NuWays AG): Hold
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Original-Research: Samara Asset Group - from NuWays AG
27.06.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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Classification of NuWays AG to Samara Asset Group
Company Name: Samara Asset Group
ISIN: MT0001770107
Reason for the research: Update
Recommendation: Hold
from: 27.06.2025
Target price: EUR 2.00
Target price on sight of: 12 months
Last rating change:
Analyst: Frederik Jarchow
Ready to scale // Renewed business structure; chg.
Topic: Since our last update, Samara has transformed into a global holding
company with a portfolio of high-growth opportunities across disruptive
sectors and innovative technologies. At a glance:
New business structure. With the aim to generate outsized returns that are
built on diversification across asset classes, Samara restructured its
business in three pillars: "Funds", "Private & Listed Equity" and "Bitcoin".
While "Funds" is basically a VC and PE fund-of-fund strategy intending to
select best-inclass funds representing 58% of the Gross Asset Value (GAV) of
the Group, "Private&Listed Equity" aggregates with 27% of the GAV SamaraŽs
selected direct investments into global listed and private companies with a
high potential for reasonable returns (i.e. Northern Data, a.o.). The third
pillar "Bitcoin" (15% of GAV) stands for SamaraŽs Bitcoin Treasury of which
the majority is managed in the "Samara Alpha BTC+ fund' - a Bitcoin
denominated, actively-managed fund of digital asset strategies. On the next
pages we take a closer look at the different business segments.
Strong development in FY24. The NAV increased by 28% yoy in FY24 to EUR 245m
(dividend payments in FY23 of EUR 74m are included), mainly driven by the
strong development of Bitcoin (by 127% to $ 96.000; 540 BTC hold in FY24)
and Northern Data (by 69% yoy to EUR 44.35; ~1.15m shares held as of today) in
FY24, but also by the strong performance of other investments. Overall,
Samara invested EUR 90.8m in FY24.
First Bond issuance. In order to seize investment opportunities, Samara
issued its first bond in Q4Ž24, raising EUR 20m at 3m Euribor + 7.50% and a
5-year term. The proceeds are used to invest into SamaraŽs diversified and
alternative asset fund portfolio and BTC, as SamaraŽs strategic treasury
reserve asset.
Looking into FY25, Samara should strongly benefit from the recent BTC
performance hitting a new ATH compensating for the stock price performance
of ND that decreased by c. 44% since FY24 (i.e. mainly due to BTC dip and
tariff war). As all the other fund investments are assumed to be illiquid by
nature without any substantial changes of price since FY24, we see the fair
NAV at EUR 215m, not pricing in any potential or hidden reserves of non-listed
assets (i.e. Plasma).
HOLD with an unchanged PT of EUR 2.00 based on our SOTP.
You can download the research here: http://www.more-ir.de/d/32918.pdf
For additional information visit our website:
https://www.nuways-ag.com/research-feed
Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2161504 27.06.2025 CET/CEST
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