Original-Research: Advanced Blockchain AG - von GBC AG
Einstufung von GBC AG zu Advanced Blockchain AG
Unternehmen: Advanced Blockchain AG
Anlass der Studie: Research Report (Initial Coverage)
Kursziel: 10.00 EUR
Kursziel auf Sicht von: 31.12.2023
Letzte Ratingänderung: -
Analyst: Julien Desrosiers, Felix Haugg, Matthias Greiffenberger
The Gateway to DeFi, Crypto & Web 3.0. Significant upside potential due to the well diversified portfolio. Successful partial divestments and financing rounds confirm the Group's investment approach.
Advanced blockchain AG is a blockchain venture builder focused on investing, developing, and scaling in disruptive technologies including token investments. Their main market is therefore the venture capital market for companies active in blockchain technology, with a particular focus on the decentralized finance (DeFi) sector and infrastructure projects enabling Web 3.0.
Advanced Blockchain AG is an innovation center with a diversified portfolio consisting of internal projects, incubations as well as early-stage investments. The venture builder arm of Advanced Blockchain AG acts as a leading incubator of projects such as for Composable Finance.
Advanced Blockchain AG is not only incubating highly promising projects, but the company also has a diversified portfolio of investments which will be further expanded. Extensive expertise, resources and networks provide the company with early-stage access to exclusive investment opportunities in projects with significant potential.
The company's investment strategy has two objectives: maximizing return on investment and identifying synergies in the ecosystem. Supporting the most promising projects with smart capital enables them to fulfill their mission, which in turn provides the company with a good return on investment. Moreover, the company's synergies enable it to exponentially increase the potential and capabilities of its portfolio companies through shared growth and integration, as illustrated by the example of Composable Finance (an incubation project), which secured the eighth parachain in the Polkadot network by raising more than USD 160 million through a crowd-loan. This resulted in an implied combined valuation of USD 400 million for the LAYR and PICA token, adding nearly USD 20 million to Advanced Blockchain's USD 2 million initial investment alone.
Advanced blockchain AG is listed in the Scale segment of Deutsche Börse, as well as in the primary market of Börse Düsseldorf.
In total, we have calculated an enterprise value of around EUR 83 million (previously: EUR 88 million) according to NAV. With 3.77 million shares outstanding, this corresponds to a value per share of EUR 21.99 (previously: EUR 23.32). Due to the sharp decline in crypto markets and the current 'crypto winter', we have applied an additional discount to the calculated fair value. We currently calculate this at around 55%. This corresponds to the average decline of the two leading cryptocurrencies Bitcoin and Ethereum since the publication of our initial valuation (21.04.21). Therefore, we calculated the fair value at EUR 37.75 million or EUR 10.00 per share.
Thus, our price target of EUR 10.00 is currently significantly below the calculated fair intrinsic value. With a calming of the crypto markets and a 'crypto spring', we will then also reduce our 'market discount' accordingly.
Against the background of the high upside potential, we assign a BUY rating in our initial coverage.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/24603.pdf
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Date and time of completion of the study: 13.07.2022 (10:00) Date and time of the first disclosure of the study: 13.07.2022 (10:30)
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