German investment bank Hauck & Aufhaeuser, one of the largest German mid-market investment banks, has initiated research coverage for stock-market-listed data center operator Northern Data (German Stock Exchange, XETRA: NB2, ISIN: DE000A0SMU87).
Northern Data was created by merging Northern Bitcoin, a Bitcoin mining company, with its U.S. counterpart, Whinstone, released last December. This combined enterprise has quickly become one of the leading players in the high-performance computing (HPC) market worldwide and is creating the world's largest high-performance computing unit in Texas.
Aroosh Thillainathan, Founder of Whinstone and now Group CEO Northern Data
Northern Data recently released a guide for 2020 with estimated sales of about $ 120 million. UNITED STATES OF AMERICA. Up to € 140 million and EBITDA is projected at € 45 to € 60 million. The increased demand for high-performance computers due to the turbulent crisis has accelerated the unprecedented growth of Scandinavian data.
12 months chart Northern Data
Once the 3.6-gigawatt facility in Texas is fully up and running in 2022, this site alone could produce almost EUR 1 billion in annual pre-tax profits.
Hauck & Aufhaeuser has started coverage with a BUY rating and a target price of EUR 100 per share. Shares are currently trading at EUR 40 Euros. With 11.2 million shares outstanding, the current market cap is approx. EUR 450 million.