Original-Research: Advanced Blockchain AG (von GBC AG): Buy
Original-Research: Advanced Blockchain AG - from GBC AG
Classification of GBC AG to Advanced Blockchain AG
Company Name: Advanced Blockchain AG
ISIN: DE000A0M93V6
Reason for the research: Research Comment
Recommendation: Buy
Target price: 17.64 EUR
Target price on sight of: 31.12.2025
Last rating change:
Analyst: Matthias Greiffenberger, Julien Desrosiers
Company performance in a challenging environment exceeds expectations with
significant value increases in the top 10 portfolio positions - target
price raised to €17.64 (previously: €11.00)
Advanced Blockchain AG has published preliminary figures for the fiscal
year 2023. The revenue of Advanced Blockchain AG fell to €5.2 million in
2023 (from €14.73 million the previous year), but still exceeded the
forecasted mark of €5.0 million. The significant increase in preliminary
EBIT to €2.2 million, an improvement of more than 40% compared to 2022,
demonstrates effective cost control and a strengthened focus on high-margin
activities.
The appreciation of the top 10 portfolio (according to AVS appraisal) from
€39.65 million by more than 45% to €57.5 million is particularly
noteworthy. This shows Advanced Blockchain AG's strategic competence in
investing early in promising blockchain technologies and successfully
developing them. With the development of the AI-supported research platform
'ABX Analytics,' Advanced Blockchain AG continues to position itself as a
leader in innovation in the blockchain sector and aims to expand its
service offering and generate stable, recurring revenues.
Furthermore, Advanced Blockchain AG has started the new fiscal year 2024
with impressive financial results. The company has already generated over
€1 million this year and over €3 million in the last ten months from the
sale of assets, which were sold at significant profits. As of April 15,
2024, the company's cash balance amounts to more than €2 million.
Advanced Blockchain AG plans to use the free capital to drive its expansion
plans. A notable investment was the acquisition of rights to Celestia (TIA)
tokens, which have already generated a significant book profit exceeding
ten times the original investment.
In summary, Advanced Blockchain positions itself successfully for further
growth in the dynamic blockchain industry through effective asset
management and strategic investments. As part of the growth strategy,
Advanced Blockchain is actively recruiting new talent to strengthen the
team and further advance the development of ABX Analytics.
Given the recent surge in Bitcoin to an all-time high, we see a significant
improvement in the market environment. This leads us to gradually reduce
our valuation discount, which was set during the 'Crypto Winter.'
Therefore, we are raising our rating for Advanced Blockchain AG's shares.
The Bitcoin halving, expected tonight at 22:30, will halve the reward for
mining a block from 6.25 to 3.125 Bitcoins. Historically, such halvings
have led to significant price increases as they slow down the new
production of Bitcoins.
The current undervaluation of Advanced Blockchain AG is particularly
evident when considering only the 10 largest positions in the portfolio and
the entire market capitalization. These top positions alone, according to
the AVS valuation report, represent a fair value of at least €57.5 million,
while the market capitalization of Advanced Blockchain is currently only
about €15.14 million (Tradegate 19.04.2024 11:01). We estimate the total
value of the portfolio, including updated valuations, at around €105
million. We estimate the holding costs at about €2 million. Thus, we have
estimated the company value based on the net asset value (NAV) at about
€103 million, which corresponds to a value of €27.14 per share. With the
significantly improved market situation in the crypto markets, we are
gradually reducing our original 'Crypto Winter' discount from 53% to 35%.
This has led us to determine a fair value per share of €17.64 (previously:
€11.00). Given the considerable upside potential, we assign a 'buy' rating.
You can download the research here:
http://www.more-ir.de/d/29473.pdf
Contact for questions
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 (time) of completion: 19.04.2024 (12:40)
Date (time) of first publication: 19.04.2024 (14:00)
-------------------transmitted by EQS Group AG.-------------------
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.
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 0,20 | 0,52 | 1,14 | 17,86 | 14,92 | 5,20 | 0,00 | |
| EBITDA1,2 | -0,88 | -0,33 | -0,01 | 6,62 | 1,94 | 0,00 | 0,00 | |
| EBITDA-Margin3 | -440,00 | -63,46 | -0,88 | 37,07 | 13,00 | 0,00 | 0,00 | |
| EBIT1,4 | -0,91 | -0,33 | -0,06 | 6,50 | 1,80 | 2,20 | 0,00 | |
| EBIT-Margin5 | -455,00 | -63,46 | -5,26 | 36,39 | 12,06 | 42,31 | 0,00 | |
| Net Profit (Loss)1 | -0,91 | -0,33 | -0,06 | 5,32 | 1,87 | 0,00 | 0,00 | |
| Net-Margin6 | -455,00 | -63,46 | -5,26 | 29,79 | 12,53 | 0,00 | 0,00 | |
| Cashflow1,7 | -0,88 | -0,33 | -0,01 | 5,44 | -2,94 | 0,00 | 0,00 | |
| Earnings per share8 | -0,43 | -0,14 | -0,02 | 1,57 | 0,49 | -0,54 | -0,08 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Abstoß & Wolters
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Advanced Blockchain | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A0M93V | DE000A0M93V6 | AG | 20,11 Mio € | 06.01.2017 | 9F4MG9QF+2F | |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 44,17 | 7,24 | 6,10 | 22,75 | 1,35 | -6,83 | 3,87 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 04.12.2024 | 30.09.2024 | 30.07.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +10,67% | +23,00% | +13,98% | +4,74% | +424,75% |
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