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Original-Research: Samara Asset Group plc - von GBC AG
Einstufung von GBC AG zu Samara Asset Group plc
Unternehmen: Samara Asset Group plc
ISIN: MT0001770107
Anlass der Studie: Research report (Anno)
Empfehlung: Buy
Kursziel: 4.14 EUR
Kursziel auf Sicht von: 31.12.2024
Letzte Ratingänderung:
Analyst: Matthias Greiffenberger, Julien Desrosiers
Samara Asset Group is actively ramping up its investments in the
fund-of-fund approach. Samara Alpha Management launches flagship fund,
promising attractive risk-adjusted returns.
In June 2023, Samara Asset Group (formerly: Cryptology Asset Group) sold
its entire stake in Block.one, a crypto company, for $118.9 million,
resulting in a profit of about $52 million. Following this, they
distributed dividends of EUR1.30 per share, a total payout of around EUR74
million. Despite Block.one selling a significant portion of its Bitcoin
holdings, leading to a slight discount on the liquid asset value, Samara's
new strategy sees the allocation of $50 million for fund-to-fund
investments over the next year and a half. This aligns with their objective
to become a reliable institutional-grade investor. Samara, leveraging the
successful launch of Samara Alpha platform, aims for an annual expected
return of 25% to 35% with its market-neutral fund-of-fund strategy. The
strategy will exploit inefficiencies in traditional capital markets,
especially in the crypto landscape, to generate alpha and high returns,
while reducing exposure to underlying assets and volatility. Retail
investors' limited access to such opportunities has led Samara to hold onto
its investments, except for small illiquid ones.
Samara Alpha operates as an independent subsidiary of Samara Asset Group,
managing its funds independently with external members and limited
partners. Shareholders also participate in Samara Alpha's potential
success. While the subsidiary's valuation is currently based on cost basis,
strategic investors are being sought to increase its value. A potential
share capital increase could involve strategic investors who would invest
alongside Samara Asset Group.
Samara Asset Group has invested $10 million in the flagship market-neutral
multi-strategy fund launched by its subsidiary, Samara Alpha Management.
This US-based asset management subsidiary specializes in leveraging market
inefficiencies in the budding digital asset space, with a goal to yield
appealing risk-adjusted returns. Led by Chief Investment Officer Adil
Abdulali, the firm operates with a diversified digital asset managers
portfolio.
We have estimated the total valuation of investments for Samara Asset Group
to be EUR227.15 million. Factoring in an increased net debt and holding costs
of EUR-17.28 million (an increase from the previous EUR-15.22 million), we have
estimated a comprehensive Net Asset Value (NAV) for the company, which now
stands at EUR209.87 million. This translates to EUR4.14 per share. With the
current share price standing at EUR2.18 (Xetra on 25th July 2023 at 10:02am),
there is considerable upside potential. Consequently, we maintain a 'Buy'
rating.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/27411.pdf
Kontakt für Rückfragen
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;5b;6a;7;11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
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Date and time of completion of the study: 25.07.2023 (2:15 pm)
Date and time of the first distribution: 26.07.2023 (10:00 am)
Validity of the target price: until max. 31.12.2024
-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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