Semler Scientific (SMLR) is negotiated just above the market value of its Bitcoin holdings, with a NAV (MNAV) of 1.04 market, stressing what Broker Benchmark calls a significant evaluation disconnection.
The markets argued that analyst Mark Palmer after the company’s results in the second quarter yesterday, give “practically no credit for [Semler's] Ample of margin to use an “smart lever effect” to add to its Bitcoin holders “.
Reiterating its purchase rating and price target of $ 101 – or almost the current price of $ 35 – Palmer said that there were a lot of “upward optionalities” which are not assessed in the action.
Unlike other Bitcoin cash companies based on the emission of aggressive actions, Semler adopts a “slow money” approach, wrote Palmer.
The newly appointed director of Bitcoin’s strategy, Joe Burnett, presented a plan to put Bitcoin Holdings through a mixture of operating cash flows, low -cost convertible debt and selective money (ATM), all aimed at preserving the value of shareholders and avoiding dilution.
The company holds $ 100 million in convertible tickets of 4.25% due to 2030 and, according to management, has a significant height to issue a long -term debt supported by Bitcoin to amplify equity, the report indicates.
As of July 31, SEMLER held 5,021 bitcoin with a cost base of $ 475.8 million and a market value of $ 586.2 million, reflecting an unparalleled gain of $ 110.4 million and a BTC yield of 31.3%.
The management remains confident to achieve its 10,000 BTC target by the end of 2025 and long -term objectives of 42,000 BTC by 2026 and 105,000 by 2027.
The objective of $ 101 of benchmark is based on an analysis of the sum of the parts incorporating the expected future value of the Bitcoin Treasury to sow alongside its health care operations, including the Emerging Cardiovanta unit.
The action, negotiating near its net value of Bitcoin assets (NAV), reflects little bonus for its strategic flexibility, according to a GAP benchmark, the closure of the company will execute its capital strategy.
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