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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 EUR100 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 (EUR 142.22 million as of

01.12.2022) was also significantly below the balance sheet equity of EUR

295.31 million, with an equity ratio of 98.4%.

 

The company is currently trading at EUR 2.49 (01.12.2022 17:35 Xetra) per

share and has published a NAV of EUR 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 EUR 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

Kontakt für Rückfragen

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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

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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.-

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.

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