GBC AG: Cryptology Asset Group PLC | Rating: Buy

Original-Research: Cryptology Asset Group PLC - von GBC AG

Einstufung von GBC AG zu Cryptology Asset Group PLC

Unternehmen: Cryptology Asset Group PLC ISIN: MT0001770107

Anlass der Studie: Research report (Anno) Empfehlung: Buy
Kursziel: 7.12 EUR
Kursziel auf Sicht von: 31.12.2023
Letzte Ratingänderung:
Analyst: Matthias Greiffenberger, Julien Desrosiers

High NAV upside potential despite crypto winter. Investment opportunity in one of the leading European Crypto investment companies.  
The Cryptology Asset Group is one of the leading European holding companies for Bitcoin and Blockchain related business models. According to the latest shareholder letter, the strategy is to be adjusted and €100 million will not be invested in crypto funds as planned. Instead, the company wants to focus on its own investments.
 
Currently, we are in a 'crypto winter.' Bitcoin (BTC), the lead currency for the broader crypto market, is currently hovering around $17,000, down 75% from its November 2021 peak. Bitcoin is not the only crypto under downward pressure. Ethereum (ETH) and other leading altcoins such as Cardano (ADA) and Polygon (MATIC) have lost more than 70% so far this year. This trend is also reflected in Cryptology Asset Group's portfolio. In our opinion, however, the share price currently reflects this development too pessimistically. Thus, the market capitalization (€ 142.22 million as of 01.12.2022) was also significantly below the balance sheet equity of € 295.31 million, with an equity ratio of 98.4%.  
The company is currently trading at € 2.49 (01.12.2022 17:35 Xetra) per share and has published a NAV of € 4.79 per share (30.11.2022) according to IFRS principles. We have reviewed the individual holdings of the portfolio and have determined a NAV of € 7.12 per share according to the GBC valuation. Thus, the company is currently trading significantly below NAV and we assign a Buy rating in view of the high upside potential.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26173.pdf

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++
Datum (Uhrzeit) der Fertigstellung: 13.12.2022 (14:45 Uhr) Datum (Uhrzeit) der ersten Veröffentlichung: 14.12.2022 (10:00 Uhr)

-------------------übermittelt durch die EQS Group AG.-------------------

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