Clas­si­fi­ca­ti­on of GBC AG to Sa­ma­ra As­set Group plc

Po­si­tio­ned for Ex­po­nen­ti­al Growth with a Di­ver­si­fied High-Re­turn Stra­tegy

Sa­ma­ra As­set Group PLC is an in­vest­ment firm spe­cia­li­zing in ven­ture ca­pi­tal, pri­va­te equi­ty, and bit­co­in tre­asu­ry ma­nage­ment. The com­pa­ny pro­vi­des in­sti­tu­tio­nal and re­tail in­ves­tors with ac­cess to high-growth al­ter­na­ti­ve as­set mar­kets, in­clu­ding AI, block­chain, fin­tech, gam­ing, bio­tech, and high-per­for­mance com­pu­ting. Un­li­ke tra­di­tio­nal bit­co­in-hol­ding firms, Sa­ma­ra ac­tively ma­na­ges its BTC ex­po­sure th­rough BTC+ stra­te­gies, ge­ne­ra­ting mar­ket-neu­tral, bit­co­in-de­no­mi­na­ted re­turns.

Samara’s in­vest­ment stra­tegy is struc­tu­red around th­ree core pil­lars. The first is its fund in­vest­ments, whe­re it em­ploys an in­sti­tu­tio­nal-gra­de fund-of-funds mo­del, al­lo­ca­ting ca­pi­tal to over 20 ven­ture ca­pi­tal and pri­va­te equi­ty funds. This struc­tu­re pro­vi­des ex­po­sure to more than 700 un­der­ly­ing port­fo­lio com­pa­nies in high-growth sec­tors, of­fe­ring broad mar­ket di­ver­si­fi­ca­ti­on while le­ver­aging top-tier in­vest­ment ma­na­gers. The se­cond pil­lar con­sists of pri­va­te and lis­ted equi­ty in­vest­ments, with a fo­cus on com­pa­nies that ali­gn with Samara’s long-term in­vest­ment the­mes. A key com­po­nent of this stra­tegy is its po­si­ti­on in Nor­t­hern Data AG, a Eu­ro­pean lea­der in high-per­for­mance com­pu­ting for AI and block­chain ap­pli­ca­ti­ons. The third pil­lar of Samara’s in­vest­ment stra­tegy is its bit­co­in tre­asu­ry ma­nage­ment. As one of Europe’s lar­gest pu­blicly lis­ted bit­co­in hol­ders, the com­pa­ny in­te­gra­tes BTC as a stra­te­gic re­ser­ve as­set while em­ploy­ing BTC+ mar­ket-neu­tral stra­te­gies to ge­ne­ra­te ad­di­tio­nal yield.

Fi­nan­ci­al­ly, Sa­ma­ra has de­mons­tra­ted si­gni­fi­cant growth, with its net as­set va­lue in­cre­asing by 30% year-over-year. As of De­cem­ber 31, 2024, its gross as­set va­lue stands at €297.4 mil­li­on, while its net as­set va­lue re­a­ches €245.2 mil­li­on, equa­ting to €2.68 per share. The com­pa­ny main­ta­ins a con­ser­va­ti­ve ca­pi­tal struc­tu­re with a debt-to-equi­ty ra­tio of 21.1%, en­su­ring fi­nan­cial sta­bi­li­ty while sup­port­ing its growth in­itia­ti­ves.

We esti­ma­te ad­di­tio­nal la­tent up­si­de of €44.98 mil­li­on, pri­ma­ri­ly dri­ven by po­ten­ti­al bit­co­in app­re­cia­ti­on and a reva­lua­ti­on of Nor­t­hern Data AG hol­dings. If bit­co­in re­a­ches pro­jec­ted 2025 le­vels of €150,000 per BTC, and Nor­t­hern Data rea­li­zes its an­ti­ci­pa­ted fair va­lue of €55 per share, Samara’s ad­jus­ted NAV could in­crease to €3.17 per share. Gi­ven the cur­rent share pri­ce of €2.00 as of March 19, 2025, this im­pli­es a po­ten­ti­al up­si­de of 58.5%. With strong as­set growth, a di­ver­si­fied in­vest­ment stra­tegy, and in­no­va­ti­ve tre­asu­ry ma­nage­ment, Sa­ma­ra As­set Group is well-po­si­tio­ned for long-term va­lue crea­ti­on. Gi­ven its com­pel­ling va­lua­ti­on and up­si­de po­ten­ti­al, we main­tain a BUY re­com­men­da­ti­on.

You can down­load the re­se­arch here: http://​www​.more​-ir​.de/​d​/​3​2​1​0​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: http://​www​.gbc​-ag​.de/​d​e​/​O​f​f​e​n​l​e​g​ung
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Com­ple­ti­on: 31.03.2025 (4:15 p.m.)
First dis­tri­bu­ti­on: 01.04.2025 (9:00 a.m.)