Original-Research: Samara Asset Group plc (von GBC AG): Buy
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Original-Research: Samara Asset Group plc - from GBC AG
Classification of GBC AG to Samara Asset Group plc
Positioned for Exponential Growth with a Diversified High-Return Strategy Samara Asset Group PLC is an investment firm specializing in venture capital, private equity, and bitcoin treasury management. The company provides institutional and retail investors with access to high-growth alternative asset markets, including AI, blockchain, fintech, gaming, biotech, and high-performance computing. Unlike traditional bitcoin-holding firms, Samara actively manages its BTC exposure through BTC+ strategies, generating market-neutral, bitcoin-denominated returns. Samara’s investment strategy is structured around three core pillars. The first is its fund investments, where it employs an institutional-grade fund-of-funds model, allocating capital to over 20 venture capital and private equity funds. This structure provides exposure to more than 700 underlying portfolio companies in high-growth sectors, offering broad market diversification while leveraging top-tier investment managers. The second pillar consists of private and listed equity investments, with a focus on companies that align with Samara’s long-term investment themes. A key component of this strategy is its position in Northern Data AG, a European leader in high-performance computing for AI and blockchain applications. The third pillar of Samara’s investment strategy is its bitcoin treasury management. As one of Europe’s largest publicly listed bitcoin holders, the company integrates BTC as a strategic reserve asset while employing BTC+ market-neutral strategies to generate additional yield. Financially, Samara has demonstrated significant growth, with its net asset value increasing by 30% year-over-year. As of December 31, 2024, its gross asset value stands at €297.4 million, while its net asset value reaches €245.2 million, equating to €2.68 per share. The company maintains a conservative capital structure with a debt-to-equity ratio of 21.1%, ensuring financial stability while supporting its growth initiatives. We estimate additional latent upside of €44.98 million, primarily driven by potential bitcoin appreciation and a revaluation of Northern Data AG holdings. If bitcoin reaches projected 2025 levels of €150,000 per BTC, and Northern Data realizes its anticipated fair value of €55 per share, Samara’s adjusted NAV could increase to €3.17 per share. Given the current share price of €2.00 as of March 19, 2025, this implies a potential upside of 58.5%. With strong asset growth, a diversified investment strategy, and innovative treasury management, Samara Asset Group is well-positioned for long-term value creation. Given its compelling valuation and upside potential, we maintain a BUY recommendation. You can download the research here: http://www.more-ir.de/d/32102.pdf Contact for questions: GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ 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 +++++++++++++++ Completion: 31.03.2025 (4:15 p.m.) First distribution: 01.04.2025 (9:00 a.m.)
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2109366 01.04.2025 CET/CEST
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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 14,81 | 2,55 | 13,20 | 0,09 | 3,61 | 0,00 | 0,00 | |
| EBITDA1,2 | 2,53 | 10,64 | 34,90 | -6,53 | -4,07 | 0,00 | 0,00 | |
| EBITDA-Margin3 | 17,08 | 417,26 | 264,39 | -7.255,56 | -112,74 | 0,00 | 0,00 | |
| EBIT1,4 | 2,53 | 10,62 | 34,90 | -6,53 | -4,07 | 0,00 | 0,00 | |
| EBIT-Margin5 | 17,08 | 416,47 | 264,39 | -7.255,56 | -112,74 | 0,00 | 0,00 | |
| Net Profit (Loss)1 | 1,36 | 10,26 | 33,80 | -6,47 | -6,56 | 0,00 | 0,00 | |
| Net-Margin6 | 9,18 | 402,35 | 256,06 | -7.188,89 | -181,72 | 0,00 | 0,00 | |
| Cashflow1,7 | 2,11 | 1,00 | -1,61 | 0,66 | -18,06 | 0,00 | 0,00 | |
| Earnings per share8 | 0,03 | 0,19 | 0,53 | -0,11 | -0,11 | 0,14 | 0,10 | |
| 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: Grant Thornton
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 | ||||||
| Samara Asset Group | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A2JDEW | MT0001770107 | plc | 108,14 Mio € | 05.05.2020 | - | 8F7PWF7X+X4 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 15,75 | 18,17 | 0,87 | 20,77 | 0,91 | -5,99 | 29,96 |
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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 |
| 26.06.2024 | 30.09.2024 | 30.06.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -15,06% | -15,78% | -13,30% | +42,11% | +26,00% |
