^Original-Research: Bitcoin Group SE - von GBC AGEinstufung von GBC AG zu Bitcoin Group SEUnternehmen: Bitcoin Group SEISIN: DE000A1TNV91Anlass der Studie: Research report (Note)Empfehlung: BuyKursziel: 55.00 EURKursziel auf Sicht von: 31.12.2024Letzte Ratingänderung: Analyst: Matthias Greiffenberger, Cosmin FilkerBitcoin Group SE shows steady progress. Guidance Reaffirmed. According to the semi-annual figures for 2023, the company reaffirms itsguidance. Bitcoin Group's management projects a rise in registered users to1,065,000 by the end of 2023, though it anticipates a marginal dip inrevenue. Despite the present challenges posed by geopolitical andregulatory uncertainties, the board maintains a positive outlook on thefuture trajectory. The company's stringent security and transparencystandards have fostered trust, aiding in customer base expansion.Furthermore, efforts are underway to establish a consistent EU-wideregulation to bolster growth. To optimize the potential of its burgeoningcustomer base, Bitcoin Group is strategizing enhancements in userexperience and overall functionality. The Bitcoin Stock-to-Flow model, a metric evaluating Bitcoin's scarcity,points toward potential bullish price movements, especially with theanticipated Bitcoin halving event in 2024. A halving event sees the rewardfor mining new Bitcoin blocks slashed by half, consequently limiting thedaily influx of new Bitcoins. Historically, such events have oftencatalyzed Bitcoin price surges, as diminishing supply amidst stable orgrowing demand can elevate the cryptocurrency's value. On the flip side, the dissolved partnership with Fidor Bank might cast ashadow on the revenue prospects for 2023. Nevertheless, Bitcoin Group isactively pursuing a new express trading partner and has entered intopromising negotiations to that end. For the fiscal year 2023, our revenue projections remain steadfast at EUR7.03million, with an anticipated increase to EUR13.57 million in 2024. In May 2023, Bitcoin Group chose to discontinue its acquisition pursuits of'Bankhaus von der Heydt', deeming it not beneficial for the company and itsstakeholders. This decision brought about extra expenditures, which will befelt in the 2023 financial statements. Given the subdued revenue metrics,our forecast indicates a downturn in the EBITDA for 2023 to -EUR0.08 million.However, we predict a positive rebound in 2024 with an EBITDA estimate ofEUR5.31 million. This EBITDA trend closely aligns with the anticipated netearnings. For 2023, we project a modest net gain of EUR0.20 million, with amore robust EUR3.37 million for 2024. While the company may contemplateselling a portion of its crypto assets to enhance the bottom line, such amove hasn't been factored into our forecasting model. Within our DCF valuation model, we determined a new price target of EUR55.00(previously: EUR58.00). Our profit and loss forecasts remained unchanged.However, we assume that the net crypto holdings have decreased from aboutEUR100 million to approximately EUR85 million. Consequently, there was a slightreduction in the target price.Die vollständige Analyse können Sie hier downloaden:http://www.more-ir.de/d/27821.pdfKontakt für RückfragenGBC AGHalderstraße 2786150 Augsburg0821 / 241133 0research@gbc-ag.de++++++++++++++++Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a;11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:http://www.gbc-ag.de/de/Offenlegung+++++++++++++++Date and time of completion of the report: 28.09.2023 (11:00)Date and time of the first publication of the report: 28.09.2023 (13:00)-------------------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 Anlageberatungoder Aufforderung zum Abschluss bestimmter Börsengeschäfte.°