Clas­si­fi­ca­ti­on of GBC AG to Ad­van­ced Block­chain AG

Com­pa­ny Name:	Ad­van­ced Block­chain AG
ISIN:	DE000A0M93V6
Re­ason for the re­se­arch:	Re­se­arch Com­ment
Re­com­men­da­ti­on:	Buy
Tar­get pri­ce:	5.58 EUR
Tar­get pri­ce on sight of:	31.12.2025
Last ra­ting ch­an­ge:
Ana­lyst:	Mat­thi­as Greif­fen­ber­ger, Cos­min Fil­ker

Ad­van­ced Block­chain AG in stra­te­gic re­launch

With the ap­point­ment of a new Ma­nage­ment Board in Au­gust 2024, Ad­van­ced Block­chain AG has in­itia­ted a con­sis­tent and stra­te­gic re­set. This new be­gin­ning is mark­ed not only by a tho­rough as­sess­ment of past short­co­mings but also by a fo­cu­sed rea­lignment of the company’s long-term di­rec­tion. Management’s cur­rent ap­proach sends a clear mes­sa­ge: it is lay­ing the ground­work for sus­tainable and trans­pa­rent growth.

The new lea­der­ship team is pla­cing strong em­pha­sis on trans­pa­ren­cy, go­ver­nan­ce, and ef­fec­ti­ve risk ma­nage­ment, are­as that were pre­vious­ly un­der­prio­ri­ti­zed and had led to a loss of in­ves­tor con­fi­dence. To res­to­re trust, over 16,000 on-chain tran­sac­tions have been ve­ri­fied, more than 5,000 do­cu­ments tho­rough­ly ana­ly­zed, and more than 100 wal­lets sub­jec­ted to fo­ren­sic ex­ami­na­ti­on. A le­gal re­view has been laun­ched and is al­re­a­dy nea­ring com­ple­ti­on.

Fi­nan­ci­al­ly, Ad­van­ced Block­chain AG re­mains on so­lid ground. Li­qui­di­ty curr­ent­ly ex­ceeds one mil­li­on eu­ros, with a tar­get re­ser­ve of ap­pro­xi­m­ate­ly th­ree mil­li­on eu­ros by the end of the year. Mo­reo­ver, the va­lue of the in­vest­ment port­fo­lio con­ti­nues to out­weigh lia­bi­li­ties. While re­cent de­cli­nes in some hol­dings, no­ta­b­ly PEAQ, have af­fec­ted va­lua­tions, the port­fo­lio still stands at an esti­ma­ted 20 mil­li­on eu­ros. The ma­nage­ment team is de­li­bera­te­ly pru­dent. To­kens are only sold un­der fair mar­ket con­di­ti­ons in or­der to pre­ser­ve long-term va­lue. A stra­tegy fo­cu­sed on li­qui­di­ty pre­ser­va­ti­on is in place, with mo­ne­tiza­ti­on oc­cur­ring only when mar­ket ti­ming is fa­vorable. Loo­king ahead, the port­fo­lio will be made more di­ver­si­fied and re­si­li­ent, wi­t­hout pre­ma­tu­re­ly exi­ting pro­mi­sing in­vest­ments.

The stra­te­gic re­fo­cus aims to sta­bi­li­ze and broa­den re­ve­nue streams. The pri­ma­ry goal is to build re­cur­ring in­co­me th­rough sta­king, de­cen­tra­li­zed fi­nan­ce ac­ti­vi­ties, and soft­ware-ba­sed so­lu­ti­ons. A no­ta­ble in­itia­ti­ve is the plan­ned fur­ther de­ve­lo­p­ment of ABX Ana­ly­tics, a data-dri­ven soft­ware plat­form ex­pec­ted to ge­ne­ra­te li­cen­sing in­co­me and ad­di­tio­nal con­sul­ting fees th­rough its in­sights. Ho­we­ver, ma­nage­ment em­pha­si­zes that soft­ware re­mains a sup­ple­men­ta­ry in­co­me stream. At its core, Ad­van­ced Block­chain con­ti­nues to ope­ra­te as a ven­ture ca­pi­tal in­ves­tor with a strong fo­cus on long-term in­vest­ment stra­te­gies and in­cu­ba­ti­ons.

The com­pa­ny is also eva­lua­ting al­go­rith­mic tra­ding in col­la­bo­ra­ti­on with ex­ter­nal part­ners. An in­iti­al pi­lot pro­ject is sche­du­led for 2025, with the goal of de­ve­lo­ping a sca­lable mo­del start­ing in 2026. Ad­di­tio­nal­ly, the de­ve­lo­p­ment of a fi­nan­cial pro­duct ba­sed on Bit­co­in, sup­port­ed by pro­prie­ta­ry ana­ly­tics for Bit­co­in and al­ter­na­ti­ve cryp­to­cur­ren­ci­es, is un­der ac­ti­ve re­view.

While cer­tain chal­lenges per­sist, in­clu­ding the no­ta­ble va­lue de­cli­ne of spe­ci­fic in­vest­ments such as Com­posable and the li­mi­t­ed li­qui­di­ty of the company’s shares, the over­all out­look sug­gests a si­gni­fi­cant reeva­lua­ti­on. The ma­nage­ment team is ta­king clear and cre­di­ble steps. In­vest­ments have been tho­rough­ly re­view­ed, in­ef­fi­ci­ent struc­tures dis­mant­led, in­ter­nal pro­ces­ses re­or­ga­ni­zed, and the first new growth in­itia­ti­ves have been suc­cessful­ly laun­ched.

An­o­ther core ob­jec­ti­ve is the de­ve­lo­p­ment of pro­fes­sio­nal, in­ves­tor-fri­end­ly re­port­ing stan­dards. In the me­di­um term, ma­nage­ment in­tends to pro­vi­de a com­ple­te and trans­pa­rent over­view of all as­sets, in­clu­ding va­lua­tions, va­lua­ti­on me­tho­do­lo­gies, and third-par­ty au­dit re­ports.

In our view, Ad­van­ced Block­chain AG re­pres­ents an at­trac­ti­ve op­por­tu­ni­ty for in­ves­tors. The cur­rent share pri­ce of ap­pro­xi­m­ate­ly 3.13 eu­ros does not re­flect the company’s un­der­ly­ing fi­nan­cial strength or its me­di­um to long-term growth pro­s­pects. If the an­noun­ced in­itia­ti­ves are im­ple­men­ted con­sis­t­ent­ly, par­ti­cu­lar­ly in soft­ware, sta­king, and port­fo­lio op­ti­miza­ti­on, we see strong po­ten­ti­al for a meaningful in­crease in va­lua­ti­on.

De­spi­te re­cent mar­ket fluc­tua­tions, the ma­nage­ment re­mains con­fi­dent that the tem­po­ra­ry va­lue de­cli­ne in some port­fo­lio po­si­ti­ons can be re­co­ver­ed over time.

We have also con­duc­ted a sup­ple­men­ta­ry va­lua­ti­on ba­sed on the la­test port­fo­lio up­dates pro­vi­ded by ma­nage­ment. As­sum­ing a port­fo­lio va­lue of ap­pro­xi­m­ate­ly 22 mil­li­on eu­ros and de­duc­ting an esti­ma­ted 1.35 mil­li­on eu­ros in hol­ding cos­ts, this re­sults in an ad­jus­ted net as­set va­lue of rough­ly 20.65 mil­li­on eu­ros. Ba­sed on ap­pro­xi­m­ate­ly 3.7 mil­li­on shares out­stan­ding, this cor­re­sponds to an in­trin­sic va­lue of around 5.58 eu­ros per share. Even using con­ser­va­ti­ve as­sump­ti­ons, this fi­gu­re si­gni­fi­cant­ly ex­ceeds the cur­rent mar­ket pri­ce and un­ders­cores the strong reva­lua­ti­on po­ten­ti­al.

You can down­load the re­se­arch here: http://​www​.more​-ir​.de/​d​/​3​2​3​1​2​.​pdf

Cont­act for ques­ti­ons:
GBC AG
Hal­der­stra­ße 27
86150 Augs­burg
⁰⁸²¹⁄₂₄₁₁₃₃ 0
research@​gbc-​ag.​de
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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: https://​www​.gbc​-ag​.de/​d​e​/​O​f​f​e​n​l​e​g​u​n​g​.​htm
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Com­ple­ti­on: 22.04.2025 (10:00)
First dis­tri­bu­ti­on: 22.04.2025 (16:00)