Semler Scientific (SMLR) is quoted just above the market value of its Bitcoin holdings, with a 1.04 ship (MNAV), highlighting what Brker Benchmark calls a significant valuation disconnection.
The markets, argued analyst Mark Palmer after the profits of the second quarter of the company yesterday, “he practically did not give credit for [Semler's] Ample space to use ‘intelligent leverage’ to add to your Bitcoin holdings “.
Reiterating its purchase rating and an objective price of $ 101, or almost tripling the current price of $ 35, Palmer said there is a lot of “upward optional” that does not have a price of shares.
Unlike other Bitcoin Treasury companies that rely on the issuance of aggressive capital, Semler is adopting a “slow money,” Palmer wrote.
The newly appointed Bitcoin strategy director Joe Burnett presented a plan to climb Bitcoin holdings through a combination of operating cash flow, convertible low -cost debt and selective emissions in money (ATM), all destined to preserve the value of the shareholder and avoid dilution.
The company has $ 100 million in 4.25% of convertible notes with expiration of 2030 and, according to management, it has a significant head level to issue a debt backed by long -term Bitcoin to amplify the capital value, the report said.
As of July 31, Semler had 5,021 bitcoin with a cost base of $ 475.8 million and a market value of $ 586.2 million, which reflects an unrealized gain of $ 110.4 million and a BTC yield of 31.3% in the year to date.
The management is still sure of reaching its 10,000 BTC target for the end of the year 2025, and the long -term objectives of 42,000 BTC by 2026 and 105,000 by 2027.
Benchmark’s objective of $ 101 is based on a sum analysis of the parties that incorporates the expected future value of the Treasury of Bitcoin de Semler along with its medical care operations, including the emerging unit of Cardiovanta.
The action, which is quoted near its net active value of Bitcoin (NAV), reflects little premium for its strategic flexibility, a GAP reference point believes that it will close as the company is executed in its capital strategy.
Read more: Semler Scientific becomes the 14th largest public holder in Bitcoin after $ 25m BTC Buy
