The average target price of BTDR is 21 and suggests 66% upside potential. Usually, this means a BUY recommendation among investment firms, or a recommendation to increase one's position in this instrument in the next 12 months. The most optimistic analyst has a target price of 26.0. This translates into 104% upside potential in the best case. On the other hand, the most pessimistic analyst has a target price of 17.0. This suggests 33% upside potential. Even the most pessimistic analyst believes there will be stock growth. 

Bitdeer Technologies Group operates as a technology company for the cryptocurrency mining community. It mines cryptocurrencies for its own account and serve the cryptocurrency mining community by providing cryptocurrency mining solution. The company handles various processes involved in mining, such as miner procurement, transport logistics, mining datacenter design and construction, mining machine management, and daily operations. It has mining datacenters deployed in the United States and Norway. The company is headquartered in Singapore.

Singapore

Bitdeer Technologies Group

Technology

The company does not pay dividends at all, or it pays them sporadically. There have only been a few years with dividend payments in the past ten years. 

BTDR reported revenue of USD 350mn in the last 12 months, down 5% from FY23. At the same time, the dynamics of cash flow, as measured by free cash flow (FCF), were drastically different. EPS grew 216% from FY23 to USD -3.70. Market expects EPS to reach USD -0.53 in FY25.

Over the last six months, the stock performance has varied, with an increase following a drop. The stock's price trend wasn't definitive when matched against its global counterparts from the same sector and industry (as depicted above). Within the past six months, its performance has trailed this peer group's by 24ppts and its growth decelerated by 5ppts in the past month. This is equally valid for peers from the same country and industry. Given the stock's valuation versus its peers, its total price movement is neither favourable nor unfavourable.

The company has reported very poor EBITDA margins compared to its global peers in recent years. EBITDA margin amounted to -148.3% in the last 12 months, a decline from 3.7% in FY23. 

Historically, BTDR has reported very poor net margins compared to its global peers. Specifically, in the last 12 months, this metric equalled -171.3%, down from -15.4% in FY23. 

In the last 12 months, the return on capital employed (RoCE) declined to -135.4%, below the peers. The consensus estimate for FY24 for RoCE is 96.5%, however, this time ahead of the peers. 

Another important profitability metric, return on assets (RoA), amounted to -54.5% in the last 12 months, a decrease from -8.9% in FY23. The market analysts predict that RoA will be 61.4% in FY24, more robust than its peers in this period. 

Bitdeer Technologies Group reported a return on equity (RoE) of -196.7% in the last 12 months, down from -17.0% in FY23. The market consensus projects an RoE of 118.1% in FY24, this time above its peers. 

The ratio of return on invested capital (RoIC) to the weighted average cost of capital (WACC) has been -5.0 in the past several years. This ratio implies a fragile shareholder value creation. 

The institutional, legal, and compliance risks associated with the company's country are minimal. In combination with stringent business standards, shareholder rights are very highly protected.

BTDR has average trading liquidity. The average private investor can sell his common position in the stock immediately. Liquidity is usually stable and becomes extremely unfavourable on the days with the lowest activity. The trading volume mostly stays the same even under highly turbulent market conditions. Another factor to consider is the substantial number of days with zero trading volumes, i.e., without any ability to sell a position. 

No other major risks have been identified.

The risk of default is high. Among the negative credit factors, we point to slow historical revenue growth, bleak profitability, negligible return on capital, poor working capital management, and poor cash flow generation. We note low margin volatility and an favourable capital structure, among the positive credit factors. 

In highly turbulent market conditions, BTDR is exceptionally volatile. In other words, the stock will be among the worst-performers in times of extreme market volatility or shocking company news. Standalone, the worst-day losses (less than 1% of the time) will likely be critical. 

In normal market circumstances, BTDR is exceptionally volatile. Put differently, without outstanding market volatility or shocking company news, the stock's price will change quite unpredictably. The stock's losses on its worst days (less than 1-5% of the time) will range from critical to immense. 

From both historical and forecast perspectives, the stock is slightly overpriced compared to similar stocks. Specifically, the stock is 'cheap' on P/E. 

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Bitdeer Technologies Group

$ 12.98

3

Bitdeer Technologies Group

$ 12.98

3

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$ 12.98

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