Advanced Blockchain AG: Strategic Overhaul and Market Challenges

Advanced Blockchain AG (ABAG) experienced significant transformation in 2024, focusing on management changes and resolving subsidiary issues. These adjustments aimed to strengthen governance and promote transparency. Despite one-off expenses impacting financial performance, ABAG reported doubled revenues compared to the previous year, reaching €226k. However, dependency on Incredulous Labs remains, while high costs led to a net loss of €-1.78m.

Incredulous Labs, a key asset, faced asset misappropriation but showed profitability with a net profit of USD 1.25m. Blockchain markets soared in 2024, benefiting ABAG's portfolio. Yet, the subsequent decline caused management to diversify holdings. A Net Asset Value of €15.36m supports the Buy rating with a target price of €4.15 per share by December 2026.