Bitcoin Group Valuation

Q: What is the Fair Price of ADE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

ADE (€60.8) is trading above our estimate of [[fair value]] (€2.17)

Is ADE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ADE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ADE (€60.8) is trading above our estimate of fair value (€2.17)

Significantly Below Fair Value: ADE is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ADE?

Key metric: As ADE is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for ADE. This is calculated by dividing ADE's market cap by their current revenue.
What is ADE's PS Ratio?
PS Ratio	47.7x
Sales	€6.33m
Market Cap	€302.00m

ADE key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	46.2x
Enterprise Value/EBITDA	177.8x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does ADE's PS Ratio compare to its peers?

The above table shows the PS ratio for ADE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	3.3x
EUX EUWAX	4.9x	n/a	€193.6m
LUS1 Lang & Schwarz	0.3x	n/a	€180.7m
BFV Berliner Effektengesellschaft	6.6x	n/a	€816.3m
JDC JDC Group	1.5x	11.2%	€317.8m
ADE Bitcoin Group	47.7x	n/a	€302.0m

Price-To-Sales vs Peers: ADE is expensive based on its Price-To-Sales Ratio (47.7x) compared to the peer average (3.3x).

Price to Sales Ratio vs Industry

How does ADE's PS Ratio compare vs other companies in the DE Capital Markets Industry?

22 Companies	Price / Sales	Estimated Growth	Market Cap
MLP MLP	0.6x	2.3%	US$668.06m
MUX Mutares SE KGaA	0.09x	10.5%	US$503.79m
AR4 AURELIUS Equity Opportunities SE KGaA	0.2x	0.01%	US$500.05m
AR4 AURELIUS Equity Opportunities SE KGaA	0.1x	n/a	US$404.56m

22 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: ADE is expensive based on its Price-To-Sales Ratio (47.7x) compared to the German Capital Markets industry average (2.9x).

Price to Sales Ratio vs Fair Ratio

What is ADE's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ADE PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	47.7x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate ADE's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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