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

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

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))

-übermittelt durch die EQS Group AG.-

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.

Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung

oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Quelle: dpa-AFX