Original-Research: Bitcoin Group SE - von GBC AG
Einstufung von GBC AG zu Bitcoin Group SE
Unternehmen: Bitcoin Group SE
Anlass der Studie: Research Report (Initial Coverage)
Kursziel: 120.00 EUR
Kursziel auf Sicht von: 31.12.2022
Letzte Ratingänderung: -
Analyst: Matthias Greiffenberger, Felix Haugg
Highly profitable trading platform for cryptocurrency exceeds 1 million
customers and continues to grow. The business model is relatively
independent of the crypto price.
Bitcoin Group SE, as the holding company, primarily operates the crypto
trading site bitcoin.de. The trading platform is highly profitable and is
experiencing dynamic growth. Furthermore, according to management, the
company holds crypto stocks of EUR 234 million as of 24.10.2021, which
corresponds to net crypto stocks of EUR 172.93 million according to our
approximation. With a market cap of EUR 250,00 million and enterprise value
of EUR 49.80 million (market cap less crypto and cash holdings), we
currently view the company as highly undervalued. In our opinion, the
extensive net cash could also lead to a share buyback program.
Significant revenue and earnings growth were recorded in the past financial
year 2020. This was due to the significant increase in trading volumes on
the bitcoin.de trading platform and the steadily rising number of
registered users. The resulting commissions also led to a significant
increase in the company's own cryptocurrency holdings. The highly favorable
development continued in the first half of 2021.
The increase in sales in the 2020 financial year by 138.7% to EUR 15.03
million (PY: EUR 6.30 million) can be explained on the one hand by the
relatively low base of the previous year and, on the other hand, by the
high trading volume in 2020. The strong interest in cryptocurrencies has
continued in 2021 and sales increased by 184.2% to EUR 17.70 million (PY:
EUR 6.23 million) as of 30.06.2021.
Due to the high scalability of the business model, EBITDA increased to EUR
10.55 million (previous year: EUR 2.59 million), which corresponds to an
improvement in the margin from 41.2% to 70.1%. Operating costs rose by
24.0% to EUR 4.70 million (previous year: EUR 3.79 million), with a large
part of the increase being due to the full consolidation of futurum bank
AG, which has higher personnel expenses. Overall, net income for the year
thus increased to EUR 9.52 million (previous year: EUR 2.15 million). On
the earnings side, the company improved even more in the first half of
2021, with EBITDA rising by 245.8% to EUR 14.44 million (PY: EUR 4.18
million). The net result for the first half of 2021 also increased
disproportionately by 190.0% to EUR 10.17 million (previous year: EUR 3.51
million). This means that the full-year result for 2020 was already
exceeded in the first half of 2021.
In balance sheet terms, the company is in a very good position, with equity
as of 31.12.2020 of EUR 80.15 million (31.12.2019: EUR 30.42 million) and
an equity ratio of 73.7% (PY: 77.0%). The increase in equity is due on the
one hand to the net profit for the year and on the other hand to the
strongly positive development of the cryptocurrencies held in the amount of
EUR 90.31 million less the potentially incurred taxes in the amount of EUR
23.66 million. As of 30.06.2021, equity improved again to EUR 115.25
million due to the high net result, which corresponds to a high equity
ratio of 73.7%.
The guidance was confirmed for the first half of 2021. The company expects
moderate to strong revenue growth and EBITDA in the low to mid double-digit
million range. Our current forecast is based, among other things, on the
stock-to-flow model, which currently has the most accurate bitcoin price
predictions. We believe revenues should increase 59.6% to EUR 24,00 million
in the current fiscal year, followed by EUR 25.92 million in fiscal 2022.
Due to the high scalability of the business model, we also expect margins
to improve as revenues increase and anticipate EBITDA of EUR 18.31 million
in 2021 and EUR 20.05 million in 2022. Net income should grow accordingly
to EUR12.40 million in 2021 and EUR 13.63 million in 2022.
The company is highly profitable and comparatively independent of the
cryptocurrency price trend. Nevertheless, the share price is still strongly
oriented towards the bitcoin price. Based on our DCF model, we have
determined a fair value of EUR 120.00 per share and assign a BUY rating due
to the very high upside potential.
Die vollständige Analyse können Sie hier downloaden:
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben
analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen
Katalog möglicher Interessenkonflikte finden Sie unter:
Date and time of completion of the study: 02.11.2021 (09:00) - German version: 28.10.2021
Date and time of the first disclosure of the study: 09.11.2021 (10:00) - German version:
Validity of the target price: until max. 31.12.2022
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