Research-Studie


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: Initial Coverage Report
Empfehlung: BUY
seit: 06.07.2021
Kursziel: 358.43 EUR
Kursziel auf Sicht von: 31.12.2022
Letzte Ratingänderung: -
Analyst: Felix Haugg, Julien Desrosiers

'Leading European investment firm for crypto assets and blockchain
companies.'

'Strong holdings offer high upside potential.'

Cryptology Asset Group plc was founded in January 2018 by Christian
Angermayer's family office, Apeiron Investment Group Ltd, crypto legend
Mike Novogratz and Joram Voelklein. This Malta-based investment company
focuses on blockchain technology as well as cryptocurrencies. The company's
strategy is to become the leading European investment company for crypto
assets and blockchain-based business models.

In order to achieve its self-imposed goal of becoming the leading
Europeaninvestment company, the company pursues a collaborative approach in
its activities and works together with the leading crypto investors.
Through this global network, Cryptology has a broad economic and technical
know-how, which is used, among other things, to support young companies in
the areas of foundation, financing, growth and, if necessary, sale.
Financial investments are generally made either in the form of equity or
convertible loans, which can be converted into equity at a later date.

The current portfolio of the Cryptology Asset Group comprises six
investments. Currently, the most important holdings are Block.one, the
issuer of the blockchain protocol EOS as well as the founder of Voice.com
and the trading platform Bullish and at the same time is one of the world's
largest Bitcoin holders, and Northern Data, a leading high-performance
computing (HPC) provider and Bitcoin mining host. Other investments include
global crypto-asset management group Iconic Holding, commission-free
neobrokernextmarkets, geo-data platform provider Cloudeo, and Bitcoin
micropayments payment platform Bottlepay.

Since its foundation in 2018, Cryptology Asset Group has shown very
positive development, despite the highly volatile market environment. This
development is also reflected in their revenues. Basically,
Cryptologygenerates reve-nues from the sale of held-for-trading assets,
cryptocurrencies and tokens as well as from consulting services. In the
completed 2020 financial year, the company generated revenues totalling
EUR2.55 million. In addition, Cryptology generated income from the sale of
AFS assets (available-for-sale) in the amount of EUR8.70 million. Thus, an
EBIT of EUR 10.26 million was generated.

We have valued Cryptology Asset Group plc by calculating the net asset
value (NAV). Taking into account all investments, the GBC fair NAV valua-
tion as of July 05, 2021 is EUR1.04 billion, resulting in a NAV per share
of EUR358.43. At a stock market price of EUR 163.00, this results in a
discount to the NAV of approx. 55% or a price potential of approx. 120%.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/22641.pdf

Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
+++++++++++++++
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,6a,6b,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date (time) of completion of English version: 05/07/2021 (02:58 pm)
Date (time) of first distribution of English version: 05/07/2021 (10:00 am)

-------------------übermittelt durch die EQS Group AG.-------------------


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