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 (Note)
Empfehlung: Buy
Kursziel: 55.00 EUR
Kursziel auf Sicht von: 31.12.2024
Letzte Ratingänderung:
Analyst: Matthias Greiffenberger, Cosmin Filker
Bitcoin Group SE shows steady progress. Guidance Reaffirmed.
According to the semi-annual figures for 2023, the company reaffirms its
guidance. Bitcoin Group's management projects a rise in registered users to
1,065,000 by the end of 2023, though it anticipates a marginal dip in
revenue. Despite the present challenges posed by geopolitical and
regulatory uncertainties, the board maintains a positive outlook on the
future trajectory. The company's stringent security and transparency
standards have fostered trust, aiding in customer base expansion.
Furthermore, efforts are underway to establish a consistent EU-wide
regulation to bolster growth. To optimize the potential of its burgeoning
customer base, Bitcoin Group is strategizing enhancements in user
experience and overall functionality.
The Bitcoin Stock-to-Flow model, a metric evaluating Bitcoin's scarcity,
points toward potential bullish price movements, especially with the
anticipated Bitcoin halving event in 2024. A halving event sees the reward
for mining new Bitcoin blocks slashed by half, consequently limiting the
daily influx of new Bitcoins. Historically, such events have often
catalyzed Bitcoin price surges, as diminishing supply amidst stable or
growing demand can elevate the cryptocurrency's value.
On the flip side, the dissolved partnership with Fidor Bank might cast a
shadow on the revenue prospects for 2023. Nevertheless, Bitcoin Group is
actively pursuing a new express trading partner and has entered into
promising negotiations to that end.
For the fiscal year 2023, our revenue projections remain steadfast at €7.03
million, with an anticipated increase to €13.57 million in 2024.
In May 2023, Bitcoin Group chose to discontinue its acquisition pursuits of
'Bankhaus von der Heydt', deeming it not beneficial for the company and its
stakeholders. This decision brought about extra expenditures, which will be
felt in the 2023 financial statements. Given the subdued revenue metrics,
our forecast indicates a downturn in the EBITDA for 2023 to -€0.08 million.
However, we predict a positive rebound in 2024 with an EBITDA estimate of
€5.31 million. This EBITDA trend closely aligns with the anticipated net
earnings. For 2023, we project a modest net gain of €0.20 million, with a
more robust €3.37 million for 2024. While the company may contemplate
selling a portion of its crypto assets to enhance the bottom line, such a
move hasn't been factored into our forecasting model.
Within our DCF valuation model, we determined a new price target of €55.00
(previously: €58.00). Our profit and loss forecasts remained unchanged.
However, we assume that the net crypto holdings have decreased from about
€100 million to approximately €85 million. Consequently, there was a slight
reduction in the target price.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27821.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 report: 28.09.2023 (11:00)
Date and time of the first publication of the report: 28.09.2023 (13:00)
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