Original-Research: Samara Asset Group PLC (von GBC AG): Buy

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Original-Research: Samara Asset Group PLC - from GBC AG

30.06.2025 / 08:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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Classification of GBC AG to Samara Asset Group PLC

     Company Name:                Samara Asset Group PLC
     ISIN:                        MT0001770107

     Reason for the research:     Research Comment
     Recommendation:              Buy
     Target price:                3.93 EUR
     Target price on sight of:    31.12.2026
     Last rating change:
     Analyst:                     Matthias Greiffenberger, Cosmin Filker

Samara's Bet on Plasma Pays Off: EUR500M Valuation Boosts NAV Above EUR300M

Samara Asset Group's early-stage investment in Plasma has rapidly become one
of the most significant developments in the company's recent history.
Plasma, a Bitcoin sidechain purpose-built for high-throughput, low-cost
stablecoin transactions, recently completed a major milestone with the
announcement of its public token sale, slated for launch alongside mainnet
and TGE later this summer.

The platform has already attracted strategic capital. A recent financing
round led by Peter Thiel's Founders Fund priced Plasma at a EUR450 million
post-money valuation on the equity side. As Founders Fund will also receive
token allocations pro rata under the same terms, this valuation serves as a
benchmark for both the equity and token components of the project.

In parallel, a $50 million public token sale is expected to take place at
launch, pushing Plasma's fully diluted token valuation to $500 million,
pending successful completion. This token sale will be open to participants
who contributed to a recent $1 billion TVL commitment, which involved two
$500 million vault deposits in stablecoins. While this capital does not
accrue directly to Plasma as operating funds, it represents locked liquidity
and user engagement on day one. Contributors to the vault are entitled to
pro-rata access to the token offering, which is expected to close quickly
given the oversubscription.

Importantly, the token has not yet launched and remains non-liquid. In
keeping with conservative reporting practices, Samara has not yet marked the
token to market on its balance sheet and will defer doing so until the token
is live and tradable in Q3 2025. For now, the company has only recognized
the repricing of its Plasma equity stake, based on the EUR450 million
post-money round led by Founders Fund.

As of year-end 2024, Samara had recorded its Plasma equity exposure at a
book value of EUR25 to EUR28 million, based on a previously implied valuation of
EUR180 million. With the latest strategic pricing, management now values this
equity position at over EUR70 million, reflecting a meaningful uplift in net
asset value. The token exposure, while not yet on the books, is expected to
represent additional upside once launched. Based on current estimates,
Samara could hold token exposure worth approximately EUR20 million at a $500
million token valuation, with significantly higher upside potential should
market valuations reach expected ranges of $1.5 to $2 billion post-launch.

Adjusting only for the equity revaluation, Samara's net asset value rises
from EUR245 million to approximately EUR317 million, with further upside
anticipated in Q3. This implies a NAV per share of approximately EUR3.44. At
the current share price of EUR2.10, Samara trades at a steep discount to its
intrinsic value.

Beyond the numbers, Plasma represents a strategic inflection point for
Samara. The project underscores the company's capacity to identify and
support foundational infrastructure in the blockchain ecosystem. Plasma's
focus on scalable stablecoin settlement puts it at the center of one of
crypto's most commercially relevant use cases. If it continues to attract
liquidity and developer momentum, the platform could evolve into a critical
layer of crypto's financial architecture.

Portfolio and valuation

As of December 31, 2024, Samara Asset Group reported a net asset value of
EUR245.17 million, based on gross assets of EUR297.44 million and liabilities of
EUR52.28 million. With 92.19 million shares outstanding, this equated to a NAV
per share of EUR2.66. The Plasma equity repricing alone lifts NAV to
approximately EUR317 million, or EUR3.44 per share.

Other holdings have also contributed positively. Samara's stake in Northern
Data Group, a high-performance computing firm serving AI and blockchain
markets, was valued at EUR59.87 million at year-end. If the company reaches
the consensus target of EUR55 per share, the position could be worth EUR74.25
million, adding EUR14.37 million in latent upside.

Samara's Bitcoin treasury, 540 BTC purchased at an average of EUR47,800 per
coin, was valued at EUR50.4 million at year-end. If Bitcoin rises to EUR150,000,
in line with bullish projections, this holding could be worth EUR81 million,
representing an additional EUR30.6 million in embedded upside.

Incorporating both the equity uplift in Plasma and the latent upside from
Northern Data and Bitcoin, Samara's adjusted NAV reaches approximately EUR362
million, or EUR3.93 per share. At a share price of EUR2.10 as of June 23, 2025,
the company trades at a discount of more than 50% to intrinsic value,
offering an implied upside of over 87%.

The upcoming launch of Plasma has already begun to reshape Samara's
valuation profile, even before the token becomes liquid. The company's
ability to participate in category-defining infrastructure projects
highlights its strategic depth and long-term growth orientation. As token
markets evolve and additional value is unlocked, Samara stands out as a
public vehicle offering investors rare exposure to early-stage blockchain
infrastructure at scale.



You can download the research here: http://www.more-ir.de/d/32924.pdf

Contact for questions:
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,7,11); Einen Katalog möglicher
Interessenkonflikte finden Sie unter:
https://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Completion: 26.06.2025 (16:30)
First distribution: 30.06.2025 (8:00)

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2161772 30.06.2025 CET/CEST

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