Original-Research: Samara Asset Group plc (von GBC AG): Buy
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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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http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ 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. °
