Märkte & Kurse

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

01.04.2025 / 09:00 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 report (Anno)
     Recommendation:              Buy
     Target price:                3.17 EUR
     Target price on sight of:    31.12.2025
     Last rating change:
     Analyst:                     Matthias Greiffenberger, Marcel Goldmann

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 EUR297.4 million, while its net asset value reaches
EUR245.2 million, equating to EUR2.68 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 EUR44.98 million, primarily driven by
potential bitcoin appreciation and a revaluation of Northern Data AG
holdings. If bitcoin reaches projected 2025 levels of EUR150,000 per BTC, and
Northern Data realizes its anticipated fair value of EUR55 per share, Samara's
adjusted NAV could increase to EUR3.17 per share. Given the current share
price of EUR2.00 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/32102.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/de/Offenlegung
+++++++++++++++
Completion: 31.03.2025 (4:15 p.m.)
First distribution: 01.04.2025 (9:00 a.m.)

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