NuWays AG: Samara Asset Group | Rating: Hold

Classification of NuWays AG to Samara Asset Group

Company Name:	Samara Asset Group
ISIN:	MT0001770107
Reason for the research:	Update
Recommendation:	Hold
from:	27.06.2025
Target price:	EUR 2.00
Target price on sight of:	12 months
Last rating change:
Analyst:	Frederik Jarchow

Ready to scale // Renewed business structure; chg.

Topic: Since our last update, Samara has transformed into a global holding company with a portfolio of high-growth opportunities across disruptive sectors and innovative technologies. At a glance:

New business structure. With the aim to generate outsized returns that are built on diversification across asset classes, Samara restructured its business in three pillars: “Funds”, “Private & Listed Equity” and “Bitcoin”. While “Funds” is basically a VC and PE fund-of-fund strategy intending to select best-inclass funds representing 58% of the Gross Asset Value (GAV) of the Group, “Private&Listed Equity” aggregates with 27% of the GAV Samara´s selected direct investments into global listed and private companies with a high potential for reasonable returns (i.e. Northern Data, a.o.). The third pillar “Bitcoin” (15% of GAV) stands for Samara´s Bitcoin Treasury of which the majority is managed in the “Samara Alpha BTC+ fund' – a Bitcoin denominated, actively-managed fund of digital asset strategies. On the next pages we take a closer look at the different business segments.

Strong development in FY24. The NAV increased by 28% yoy in FY24 to € 245m (dividend payments in FY23 of € 74m are included), mainly driven by the strong development of Bitcoin (by 127% to $ 96.000; 540 BTC hold in FY24) and Northern Data (by 69% yoy to € 44.35; ~1.15m shares held as of today) in FY24, but also by the strong performance of other investments. Overall, Samara invested € 90.8m in FY24.

First Bond issuance. In order to seize investment opportunities, Samara issued its first bond in Q4´24, raising € 20m at 3m Euribor + 7.50% and a 5-year term. The proceeds are used to invest into Samara´s diversified and alternative asset fund portfolio and BTC, as Samara´s strategic treasury reserve asset.

Looking into FY25, Samara should strongly benefit from the recent BTC performance hitting a new ATH compensating for the stock price performance of ND that decreased by c. 44% since FY24 (i.e. mainly due to BTC dip and tariff war). As all the other fund investments are assumed to be illiquid by nature without any substantial changes of price since FY24, we see the fair NAV at € 215m, not pricing in any potential or hidden reserves of non-listed assets (i.e. Plasma).

HOLD with an unchanged PT of € 2.00 based on our SOTP.

You can download the research here: http://www.more-ir.de/d/32918.pdf
For additional information visit our website: https://www.nuways-ag.com/research-feed

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++