Clas­si­fi­ca­ti­on of GBC AG to Ad­van­ced Block­chain AG

Va­lua­ti­on up­date: Suc­cessful peaq To­ken Launch Leads to Re­as­sess­ment of Port­fo­lio Po­si­ti­on

In our most re­cent va­lua­ti­on of Ad­van­ced Block­chain AG on No­vem­ber 11, 2025, we in­ten­tio­nal­ly re­frai­ned from pre­emp­ting the out­co­me of the peaq to­ken launch, op­ting in­s­tead to wait and ob­ser­ve its de­ve­lo­p­ment. His­to­ri­cal­ly, to­ken laun­ches tend to be high­ly vo­la­ti­le, which was why our pre­vious as­sess­ment was pu­blished pri­or to the launch. Many to­kens ty­pi­cal­ly ex­pe­ri­ence pri­ce de­cli­nes of up to 80% short­ly af­ter launch, as ear­ly in­ves­tors li­qui­da­te their po­si­ti­ons. Ac­cor­din­gly, we sought to base our con­clu­si­ons on the ac­tu­al mar­ket re­spon­se.

The peaq to­ken was ul­ti­m­ate­ly lis­ted at a pri­ce of $0.50 but sub­se­quent­ly sett­led at ap­pro­xi­m­ate­ly $0.25. Nevert­hel­ess, the to­ken has de­mons­tra­ted re­la­ti­ve sta­bi­li­ty com­pared to si­mi­lar pro­jects, si­gni­fi­cant­ly out­per­forming the ex­pec­ted bench­mark trends. This sta­bi­liza­ti­on now al­lows for a well-foun­ded re­as­sess­ment.

As of the last Top-15 port­fo­lio eva­lua­ti­on on June 30, 2024, Ad­van­ced Block­chain AG held 88,056,000 peaq to­kens. ABAG ac­qui­red the­se to­kens at mi­ni­mal cos­ts th­rough its in­cu­ba­ti­on ac­ti­vi­ties. Fol­lo­wing the launch, at a pri­ce of $0.25 per to­ken, their va­lue is now ap­pro­xi­m­ate­ly $22.01 mil­li­on USD or €20.80 mil­li­on (ex­ch­an­ge rate: 1 USD = 0.944849 EUR, as of No­vem­ber 19, 2024, 14:50 UTC). In our view, this re­pres­ents a si­gni­fi­cant va­lue in­crease of around $15.03 mil­li­on USD (€14.22 mil­li­on).

Alt­hough the peaq to­kens are sub­ject to a lock­up agree­ment un­til Q3 2025, they can be uti­li­zed for sta­king du­ring this pe­ri­od. To­ken sta­king in­vol­ves cryp­to­cur­ren­cy hol­ders lo­cking their to­kens in a wal­let to sup­port the net­work, such as by va­li­da­ting tran­sac­tions or pro­vi­ding li­qui­di­ty. In re­turn, they re­cei­ve re­wards in the form of ad­di­tio­nal to­kens. Ad­van­ced Block­chain AG plans to ac­tively sta­ke its peaq to­kens to ge­ne­ra­te ad­di­tio­nal to­kens. This ap­proach could enhan­ce to­ken yields du­ring the lock­up pha­se and fur­ther im­pro­ve the company’s re­turn on ca­pi­tal.

With 3.79 mil­li­on out­stan­ding shares, the va­lue in­crease of €14.22 mil­li­on re­sults in a NAV rise of ap­pro­xi­m­ate­ly €3.75 per share. Con­se­quent­ly, ba­sed on our pre­vious pri­ce tar­get of €7.00, the new pri­ce tar­get is €10.75 per share.

Over­all, we con­ti­nue to view the com­pa­ny as ex­cel­lent­ly po­si­tio­ned, with a so­lid li­qui­di­ty base. As of June 30, 2024, the pa­rent com­pa­ny held li­quid as­sets of ap­pro­xi­m­ate­ly €1.62 mil­li­on. Ac­cor­ding to ma­nage­ment, li­quid as­sets at the group le­vel amoun­ted to around €2 mil­li­on as of the same date. Ad­di­tio­nal­ly, the in­vest­ment sub­si­dia­ry holds a ran­ge of to­kens that can be li­qui­da­ted mid-term, en­su­ring ad­di­tio­nal fi­nan­cial fle­xi­bi­li­ty.

Gi­ven the si­gni­fi­cant up­si­de po­ten­ti­al, we main­tain our Buy ra­ting.

You can down­load the re­se­arch here: http://​www​.more​-ir​.de/​d​/​3​1​3​9​3​.​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​ung
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Date (time) of com­ple­ti­on: 20.11.2024 (14:00)
Date (time) of first pu­bli­ca­ti­on: 20.11.2024 (14:45)