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

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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

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Completion: 31.03.2025 (4:15 p.m.)

First distribution: 01.04.2025 (9:00 a.m.)

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