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1. Company Snapshot

1.a. Company Description

Northern Data AG develops and sells high-performance computing (HPC) infrastructure solutions worldwide.It offers infrastructure for various HPC applications in areas, such as cloud computing, bitcoin hosting and services, altcoin and bitcoin mining, and data centers.The company was formerly known as Northern Bitcoin AG and changed its name to Northern Data AG in January 2020.


Northern Data AG is based in Frankfurt am Main, Germany.

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1.b. Last Insights on NB2

Northern Data AG's recent performance has been negatively impacted by several factors. The company's proposed business combination with Rumble has drawn attention, but also raised concerns about its growth prospects. The sale of its Bitcoin mining subsidiary, Peak Mining, to Tether-linked firms for up to $200 million has also been a key development. Additionally, analyst price targets have been revised downward, with a 12-month price target shift to €15 from €27, reflecting a more balanced view of risk and reward.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Enhanced CEO Maximilian Martin on Enhanced Games: ICR Conference 2026

Jan -27

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Looking At The Evolving Narrative For Northern Data (DB:NB2) After The Latest Target Reset

Jan -26

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Why Rumble (RUM) Stock Is Trading Up Today

Jan -21

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How Recent Developments Are Reframing The Northern Data (DB:NB2) Investment Story

Jan -11

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Rumble (RUM) Valuation Check As New Crypto Wallet Expands Creator Payment Options

Jan -09

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Rumble Announces Confidential Submission of Draft Registration Statement on Form S-4 in Connection with Proposed Business Combination with Northern Data

Jan -06

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EU's Largest Bitcoin Miner Northern Data Sold to Tether-run Companies, But There’s a Twist

Dec -22

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Northern Data Sells Peak Mining to Tether-Linked Firms in Deal Worth Up to $200M

Dec -22

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (15.19%)

6. Segments

Crypto Mining

Expected Growth: 15.1%

Growing adoption of cryptocurrencies, increasing computational power, and rising demand for high-performance computing infrastructure drive the growth of Northern Data AG's Crypto Mining segment.

Hardware & Other

Expected Growth: 15.4%

Growing demand for high-performance computing hardware and increasing adoption of AI and IoT technologies drive the growth of Northern Data AG's Hardware & Other segment.

7. Detailed Products

High-Performance Computing (HPC) Services

Northern Data AG offers high-performance computing services, providing scalable and secure infrastructure for complex computations, simulations, and data analytics.

Artificial Intelligence (AI) and Machine Learning (ML) Solutions

The company provides AI and ML solutions for data-driven decision making, predictive analytics, and automation, leveraging its expertise in HPC and data science.

Blockchain and Distributed Ledger Technology (DLT) Services

Northern Data AG offers blockchain and DLT services, enabling secure, decentralized, and transparent data management and transactions.

Data Center and Colocation Services

The company provides secure, scalable, and efficient data center and colocation services, ensuring high uptime and low latency for critical infrastructure.

Cybersecurity and Compliance Services

Northern Data AG offers cybersecurity and compliance services, protecting sensitive data and ensuring regulatory compliance for industries like finance, healthcare, and government.

8. Northern Data AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Northern Data AG is medium, as there are some alternatives available in the market, but they are not very attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for Northern Data AG is low, as customers have limited options and the company has a strong market presence.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Northern Data AG is medium, as the company relies on a few key suppliers, but has some negotiating power.

Threat Of New Entrants

The threat of new entrants for Northern Data AG is high, as the market is attractive and there are low barriers to entry.

Intensity Of Rivalry

The intensity of rivalry for Northern Data AG is high, as the market is highly competitive and there are many established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 2.88%
Debt Cost 8.32%
Equity Weight 97.12%
Equity Cost 8.32%
WACC 8.32%
Leverage 2.96%

11. Quality Control: Northern Data AG passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Datagroup

A-Score: 5.4/10

Value: 3.9

Growth: 7.2

Quality: 4.2

Yield: 3.8

Momentum: 8.5

Volatility: 4.7

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Tinexta

A-Score: 4.7/10

Value: 4.0

Growth: 3.7

Quality: 3.0

Yield: 3.8

Momentum: 9.5

Volatility: 4.3

1-Year Total Return ->

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GFT Technologies

A-Score: 4.5/10

Value: 6.5

Growth: 7.6

Quality: 5.5

Yield: 3.1

Momentum: 2.0

Volatility: 2.3

1-Year Total Return ->

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INIT

A-Score: 4.4/10

Value: 3.5

Growth: 5.7

Quality: 5.1

Yield: 1.9

Momentum: 6.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Redcentric

A-Score: 3.9/10

Value: 3.2

Growth: 5.1

Quality: 4.0

Yield: 3.1

Momentum: 3.5

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Northern Data

A-Score: 1.8/10

Value: 6.4

Growth: 2.2

Quality: 1.9

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

9.9$

Current Price

9.9$

Potential

-0.00%

Expected Cash-Flows