The average target price of XCX.DU is 2.5 and suggests 89% 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 2.5. This translates into 89% upside potential in the best case. On the other hand, the most pessimistic analyst has a target price of 2.5. This suggests 89% upside potential. Even the most pessimistic analyst believes there will be stock growth. 

coinIX GmbH & Co. KGaA is a venture capital firm specializing in pre-seed to series A, startup and early-stage investments. It seeks to invest in blockchain innovation, Decentralized Finance, liquid cryptocurrencies, token projects and NFT/Metaverse projects. It typically invests between $0.05 million and $0.25 million. kcoinIX GmbH & Co. KGaA was founded in 2017 and is based in Hamburg, Germany.

Germany

coinIX GmbH & Co. KGaA

Financial Services

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. 

XCX.DU reported revenue of EUR 1mn in the last 12 months, down 50% from FY23. At the same time, the dynamics of cash flow, as measured by free cash flow (FCF), were drastically different. EPS fell 0% from FY23 to EUR 0.00. Market expects EPS to reach EUR 0.20 in FY24.

The stock's performance has been mixed in the past six months, with growth following a decline. There is no clear price trend compared to its global peers from the same sector and industry (as shown above). The stock has outperformed this peer group by 5ppts over past six months and grown 14ppts slower in the past month. At the same time, the stock's performance relative to its the peers from the same country and sector is different. It underperformed these peers by 8ppts over six months and grew 15ppts slower in the past month. With respect to the stock's valuation against its peers, its overall price performance is slightly negative.

In the last 12 months, the return on capital employed (RoCE) declined to 0.0%, below the peers. The consensus estimate for FY24 for RoCE is 12.8%, again behind the peers. 

Another important profitability metric, return on assets (RoA), amounted to 0.0% in the last 12 months, a decrease from 1.9% in FY23. The market analysts predict that RoA will be 3.4% in FY24, again weaker than its peers. 

coinIX GmbH & Co. KGaA reported a return on equity (RoE) of 0.0% in the last 12 months, down from 2.0% in FY23. The market consensus projects an RoE of 3.7% in FY24, again behind its peers. 

The ratio of return on invested capital (RoIC) to the weighted average cost of capital (WACC) has been -0.1 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.

XCX.DU has very poor trading liquidity. It will take considerable time for the average private investor to sell a common position under normal market conditions. Liquidity is unstable 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. The stock has a tiny market capitalisation, which usually makes its trading liquidity erratic and unpredictable. 

No other major risks have been identified.

The risk of default is high. Among the negative credit factors, we point to weak positions in its industry, negligible return on capital, excessive margin volatility, poor working capital management, and inadequate interest coverage. We note resilient historical revenue growth, robust profitability, and an favourable capital structure, among the positive credit factors. 

In highly turbulent market conditions, XCX.DU 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, XCX.DU 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 considerably underpriced compared to similar stocks. In particular, the stock is underpriced on P/E, undervalued on P/FC. 

coinIX GmbH & Co. KGaA

€ 1.24

3

coinIX GmbH & Co. KGaA

€ 1.24

3

Risk factor

Profitability factor

Risk / Profitability

Risk factor

Profitability factor

€ 1.24

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