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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's near-term outlook has been revised due to expectations of slightly slower revenue growth and adjustments to discount rates. Analysts have lowered the consensus price target from €34 to €31.60. Additionally, Canaccord downgraded the stock to "hold" from "buy" and reduced the price target to 15 euros from 27 euros, citing the acquisition by Rumble. The all-stock acquisition deal values Northern Data at approximately $767 million, with shareholders receiving 2.0281 Rumble shares per Northern Data share, a 12.99% discount.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Tracking the Narrative for Northern Data as Analyst Views Shift on Growth and Risks

Nov -28

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Rumble Gains 13% After Tether Boosts Stake by 1M Shares

Nov -24

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Enhanced Fortifies Executive Leadership Team & Board of Directors

Nov -20

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Rumble Inc (RUM) Q3 2025 Earnings Call Highlights: Transformational Milestones and Strategic ...

Nov -13

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What Factors Are Reshaping the Story for Northern Data?

Nov -12

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Rumble’s $767M Acquisition Marks Bold Pivot Into AI Infrastructure

Nov -11

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Northern Data Cut to Hold to Reflect Acquisition by Rumble: Canaccord

Nov -11

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Rumble to buy Northern Data in cloud expansion move

Nov -11

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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: 4.6

Growth: 7.2

Quality: 3.9

Yield: 3.1

Momentum: 8.5

Volatility: 5.0

1-Year Total Return ->

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Redcentric

A-Score: 4.9/10

Value: 3.1

Growth: 5.1

Quality: 4.0

Yield: 5.0

Momentum: 8.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
GFT Technologies

A-Score: 4.6/10

Value: 7.4

Growth: 7.6

Quality: 5.7

Yield: 3.1

Momentum: 2.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
INIT

A-Score: 4.4/10

Value: 2.8

Growth: 5.7

Quality: 4.5

Yield: 1.9

Momentum: 8.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Tinexta

A-Score: 4.1/10

Value: 4.4

Growth: 3.6

Quality: 3.6

Yield: 3.8

Momentum: 7.5

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Northern Data

A-Score: 2.0/10

Value: 6.4

Growth: 2.2

Quality: 1.7

Yield: 0.0

Momentum: 1.0

Volatility: 0.7

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

14.46$

Current Price

14.46$

Potential

-0.00%

Expected Cash-Flows