{"id":15417,"date":"2022-02-17T14:44:04","date_gmt":"2022-02-17T12:44:04","guid":{"rendered":"https:\/\/investors.bittnet.ro\/current-and-historical-financial-results\/4q-2021\/teza-de-investitie-bnet\/"},"modified":"2022-02-25T10:50:53","modified_gmt":"2022-02-25T08:50:53","slug":"bnet-investment-thesis","status":"publish","type":"page","link":"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/bnet-investment-thesis\/","title":{"rendered":"BNET investment thesis"},"content":{"rendered":"<section class=\"l-section wpb_row height_small\"><div class=\"l-section-h i-cf\"><div class=\"g-cols vc_row via_flex valign_top type_default stacking_default\"><div class=\"vc_col-sm-8 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column us_custom_72cadcd9 has_text_color\"><div class=\"wpb_wrapper\"><h1>BNET investment thesis<\/h1>\n<\/div><\/div><div class=\"w-separator size_medium\"><\/div><div class=\"wpb_text_column us_custom_389f44b2 has_text_color\" id=\"first_wpb_text_column\"><div class=\"wpb_wrapper\"><p>From the beginning of our journey as a listed company we have tried to convey \u201cour value proposition\u201d to investors in an as transparent manner as possible. In other words, what we offer to investors, which is the investment thesis that anyone who chooses to trust us can have.<\/p>\n<p>This can be expressed very simply in the following sentence:<\/p>\n<\/div><\/div><div class=\"w-separator size_small\"><\/div><div class=\"wpb_text_column us_custom_e02d76d6 has_text_color\" id=\"first_wpb_text_column\"><div class=\"wpb_wrapper\"><p><strong><em>You invest in the medium and long term in BNET shares if you want exposure to the Romanian IT&amp;C industry, an accelerated growth field, together with a management team that has not only skin in the game but also demonstrated over 15 years better results than industry average, both operationally and in terms of capital management. <\/em><\/strong><\/p>\n<\/div><\/div><div class=\"w-separator size_small\"><\/div><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>Each of the decisions we make is aimed at building an anti-fragile group, so that we have the strongest force &#8211; time &#8211; with us (\u201cTime is the friend of the wonderful business, the enemy of the average ones\u201d). The second element is the combination of \u2018good operations\u2019 and the ability to manage capital, as described in the \u2018secret of success\u2019 in the book \u2018The outsiders &#8211; 8 outstanding CEOs\u2019.<\/p>\n<\/div><\/div><div class=\"w-separator size_small\"><\/div><div class=\"wpb_text_column us_custom_2661b328 has_text_color\"><div class=\"wpb_wrapper\"><h4>Below are some arguments for each of the components of this investment thesis:<\/h4>\n<\/div><\/div><div class=\"w-separator size_small\"><\/div><div class=\"w-tabs style_default switch_click accordion has_scrolling\" style=\"--sections-title-size:inherit\"><div class=\"w-tabs-sections titles-align_none icon_chevron cpos_right\"><div class=\"w-tabs-section\" id=\"l181\"><button class=\"w-tabs-section-header\" aria-controls=\"content-l181\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Choosing an industry with favourable prospects<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-l181\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>Is a decision that completely eases both the work of investors and decreases the importance of choosing a competent management: \u201ca rising tide lifts all boats\u201d. There has been no industry in the last 20 years that has continued to grow faster than the IT&amp;C industry.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"w2c6\"><button class=\"w-tabs-section-header\" aria-controls=\"content-w2c6\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">The existence of a management team with \u2018significant skin in the game\u2019<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-w2c6\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>Solves the \u2018principal-agent\u2019 problem so demanded by investors on the Romanian capital market. If the well-being of the management comes from the same sources, through the same mechanisms as the small shareholders, the most important conflict is eliminated. Thus, in our case, the value of BNET shares represents for management both most of the personal wealth and most of the income (unlike salary, the option-based compensation policy aligns the management&#8217;s income with the wealth brought to the shareholders).<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"z44f\"><button class=\"w-tabs-section-header\" aria-controls=\"content-z44f\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Demonstrated track record from an operational point of view<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-z44f\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>In addition to numerous international recognitions (Deloitte Top 50 in Tech, Financial Times Top 1000 Fastest Growing Companies, EY Entrepreneur of the Year finalists, etc.), we can illustrate the operational capacity in 2 ways:<\/p>\n<ul>\n<li>I saw in 2021 an announcement of a very respectable IT company that was doing a retrospective of the entire activity, on the occasion of a 10 or 15 year anniversary. During this period, the company successfully delivered over 700 projects. By comparison, Bittnet delivers over 4,000 projects annually, with minimalist operational overhead, both in terms of cost and time. The fact that our initial activity is basic is IT training and, the specific complexity of successfully organizing this business, forced us to build systems and operational tools specific to companies much larger than business, with increased complexity. On the other hand, once this impediment is overcome, we now enjoy a competitive advantage that is hard to match from this point of view.<\/li>\n<li>Analysing the historical evolution of the return on equity (Return on Equity), it always has values around 41%.<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"u2b7\"><button class=\"w-tabs-section-header\" aria-controls=\"content-u2b7\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Demonstrated track record from the point of view of capital management<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-u2b7\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>The growth rate of equity attracted historically, through the mechanisms of the capital market is about 43%, which strengthens our confidence in the adopted financial model, which we intend to continue to apply as long as the results continue to be visibly better than the market average.<\/p>\n<\/div><\/div><div class=\"w-separator size_small\"><\/div><div class=\"g-cols wpb_row via_flex valign_top type_default stacking_default\"><div class=\"vc_col-sm-6 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><table id=\"table-1\" class=\"investors-table\">\n<tbody>\n<tr>\n<td><\/td>\n<td style=\"text-align: right;\"><strong>Net Profit<br \/>\n<\/strong><\/td>\n<td style=\"text-align: right;\"><strong>Equity t<\/strong><strong>0<\/strong><\/td>\n<td style=\"text-align: right;\"><strong>ROE<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>2014<\/strong><\/td>\n<td style=\"text-align: right;\">115<\/td>\n<td style=\"text-align: right;\">865<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><strong>2015<\/strong><\/td>\n<td style=\"text-align: right;\">889<\/td>\n<td style=\"text-align: right;\">1,920<\/td>\n<td style=\"text-align: right;\"><strong>103%<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>2016<\/strong><\/td>\n<td style=\"text-align: right;\">870<\/td>\n<td style=\"text-align: right;\">3,100<\/td>\n<td style=\"text-align: right;\"><strong>45%<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>2017<\/strong><\/td>\n<td style=\"text-align: right;\">1,206<\/td>\n<td style=\"text-align: right;\">5,961<\/td>\n<td style=\"text-align: right;\"><strong>39%<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>2018<\/strong><\/td>\n<td style=\"text-align: right;\">4,408<\/td>\n<td style=\"text-align: right;\">14,001<\/td>\n<td style=\"text-align: right;\"><strong>74%<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>2019<\/strong><\/td>\n<td style=\"text-align: right;\">-4,459<\/td>\n<td style=\"text-align: right;\">12,372<\/td>\n<td style=\"text-align: right;\"><strong>-32%<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>2020<\/strong><\/td>\n<td style=\"text-align: right;\">1025<\/td>\n<td style=\"text-align: right;\">27646<\/td>\n<td style=\"text-align: right;\"><strong>8%<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>2021<\/strong><\/td>\n<td style=\"text-align: right;\">14,424<\/td>\n<td style=\"text-align: right;\">55,249<\/td>\n<td style=\"text-align: right;\"><strong>53%<\/strong><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td style=\"text-align: right;\"><strong>Average<\/strong><\/td>\n<td style=\"text-align: right;\"><strong>42%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><\/div><\/div><\/div><\/div><div class=\"vc_col-sm-6 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><table id=\"table-2\" class=\"investors-table\">\n<tbody>\n<tr>\n<td><strong>Operation<\/strong><\/td>\n<td style=\"text-align: right;\"><strong>Amount<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Equity la 15 apr 2015<\/td>\n<td style=\"text-align: right;\">-864,743<\/td>\n<\/tr>\n<tr>\n<td>MCS05-Dec-17<\/td>\n<td style=\"text-align: right;\">-807,127<\/td>\n<\/tr>\n<tr>\n<td>MCS14-Dec-18<\/td>\n<td style=\"text-align: right;\">-2,892,205<\/td>\n<\/tr>\n<tr>\n<td>MCS10-Apr-20<\/td>\n<td style=\"text-align: right;\">-9,168,712<\/td>\n<\/tr>\n<tr>\n<td>MCS02-Mar-21<\/td>\n<td style=\"text-align: right;\">-10,725,345<\/td>\n<\/tr>\n<tr>\n<td>Equity la 30-Sep-21<\/td>\n<td style=\"text-align: right;\">52,999,851<\/td>\n<\/tr>\n<tr>\n<td>Din care, sume atrase<\/td>\n<td style=\"text-align: right;\">-23,593,389<\/td>\n<\/tr>\n<tr>\n<td><strong>IRR<\/strong><\/td>\n<td style=\"text-align: right;\"><strong>42.9%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><\/div><\/div><\/div><\/div><\/div><div class=\"w-separator size_small\"><\/div><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>Of course, some investors may find that any of the components of the investment thesis described above do not match their investment style. However, we would like our shareholders to understand the &#8220;bet&#8221; they make when investing in Bittnet Group shares: the fact that the vision of accelerated growth towards a turnover of RON 500 million generates a special opportunity in the medium and long term. and that sometimes the evolution of quarterly, half-yearly or annual results will fluctuate.<\/p>\n<p>We, the management team, are here to clarify these fluctuations and to guide our journey together towards the figure of RON 500 million, without having as objective the share price, which, on the contrary, is decided by the shareholders. However, we are convinced that in the long run the value of the company will reflect the business results.<\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"w-separator size_small\"><\/div><div class=\"wpb_text_column us_custom_df50193a has_text_color\"><div class=\"wpb_wrapper\"><p><strong>We conclude this chapter by reminding you that no investment in the shares of a company is risk-free, and please read carefully the chapters on Risks in the <a href=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2021\/05\/Document-de-inregistrare-universal-Bittnet-2021.pdf\">Universal Registration Document<\/a>, or on the <a href=\"https:\/\/investors.bittnet.ro\/ro\/rezultate-financiare\/3q-2021\/factori-de-risc\/\">investor relations website<\/a>.<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"vc_col-sm-4 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><nav class=\"w-menu layout_ver style_blocks us_menu_1 with_children\" style=\"--main-gap:1.5rem;--main-ver-indent:0.8em;--main-hor-indent:0.8em;--main-bg-color:#f5f5f5;--main-color:inherit;--main-hover-bg-color:#8dbe65;--main-hover-color:#ffffff;--main-active-bg-color:#8dbe65;--main-active-color:#ffffff;--sub-gap:5px;\"><ul id=\"menu-4q_2021\" class=\"menu\"><li id=\"menu-item-15098\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-15098\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/informatii-cheie\/\">Key information<\/a><\/li><li id=\"menu-item-14883\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-14883\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/\">Report 4q 2021_en<\/a><\/li><li id=\"menu-item-14805\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-has-children menu-item-14805\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/structura-actuala-a-grupului\/\">The current structure of the Group<\/a><ul class=\"sub-menu\"><li id=\"menu-item-14814\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-14814\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/structura-actuala-a-grupului\/divizia-de-educatie\/\">The Education Division<\/a><\/li><li id=\"menu-item-14821\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-14821\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/structura-actuala-a-grupului\/divizia-de-tehnologie\/\">The Technology Division<\/a><\/li><li id=\"menu-item-14828\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-14828\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/structura-actuala-a-grupului\/investitii-in-companii-listate\/\">Investments in listed companies<\/a><\/li><\/ul><\/li><li id=\"menu-item-14830\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-has-children menu-item-14830\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/analiza-situatiilor-financiare\/\">Review of the financial statements<\/a><ul class=\"sub-menu\"><li id=\"menu-item-14847\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-14847\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/analiza-situatiilor-financiare\/venituri-cheltuieli-profit-operational\/\">Revenues, Expenses, Operational Profit, Gross and Net<\/a><\/li><li id=\"menu-item-14848\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-14848\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/analiza-situatiilor-financiare\/situatia-financiara-consolidata\/\">Consolidated financial statements<\/a><\/li><li id=\"menu-item-14862\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-14862\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/analiza-situatiilor-financiare\/cash-flow\/\">Consolidated Cash Flow<\/a><\/li><\/ul><\/li><li id=\"menu-item-14902\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-14902\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/teza-de-investitie-bnet\/\">BNET investment thesis<\/a><\/li><li id=\"menu-item-14916\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-has-children menu-item-14916\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/evenimente-divizia-de-tehnologie\/\">Events in the Technology Division<\/a><ul class=\"sub-menu\"><li id=\"menu-item-15253\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-15253\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/evenimente-divizia-de-tehnologie\/cloud-infrastructure-dendrio\/\">Cloud &#038; Infrastructure &#8211; Dendrio<\/a><\/li><li id=\"menu-item-15254\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-15254\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/evenimente-divizia-de-tehnologie\/business-applications-elian\/\">Business Applications &#8211; Elian<\/a><\/li><li id=\"menu-item-15255\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-15255\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/evenimente-divizia-de-tehnologie\/cyber-security-managed-services-grx-isec-it-prepared\/\">Cyber Security &#038; Managed Services &#8211; GRX, iSEC, IT Prepared<\/a><\/li><li id=\"menu-item-15256\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-15256\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/evenimente-divizia-de-tehnologie\/software-development-nenos-nonlinear\/\">Software Development &#8211; Nenos &#038; Nonlinear<\/a><\/li><\/ul><\/li><li id=\"menu-item-14983\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-has-children menu-item-14983\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/evenimente-divizia-de-educatie\/\">Events in the Education Division<\/a><ul class=\"sub-menu\"><li id=\"menu-item-15257\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-15257\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/evenimente-divizia-de-educatie\/demand_generation-team\/\">Demand Generation Team<\/a><\/li><li id=\"menu-item-15260\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-15260\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/evenimente-divizia-de-educatie\/business-development\/\">BUSINESS DEVELOPMENT<\/a><\/li><li id=\"menu-item-15258\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-15258\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/evenimente-divizia-de-educatie\/marketing-product-development-team\/\">MARKETING &#038; PRODUCT DEVELOPMENT team<\/a><\/li><li id=\"menu-item-15259\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-15259\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/evenimente-divizia-de-educatie\/delivery-customer-success\/\">DELIVERY &#038; CUSTOMER SUCCESS<\/a><\/li><\/ul><\/li><li id=\"menu-item-15091\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-15091\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/alternative-performance-measurements-despre-indicatorii-alternativi-de-performanta\/\">\u201cAlternative Performance Measurements\u201d on alternative key performance indicators<\/a><\/li><li id=\"menu-item-15090\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-15090\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/4q-2021\/buget-orientativ-2022\/\">2022 Buget for reference only<\/a><\/li><li id=\"menu-item-15092\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-15092\"><a href=\"https:\/\/investors.bittnet.ro\/abonare-newsletter\/\">Newsletter subscription<\/a><\/li><\/ul><style>@media ( max-width:600px ){.us_menu_1 .menu{display:block!important}.us_menu_1 .menu>li:not(:last-child){margin:0 0 var(--main-gap,1.5rem)!important}}<\/style><\/nav><\/div><\/div><\/div><\/div><\/div><\/section>\n","protected":false},"excerpt":{"rendered":"BNET investment thesis From the beginning of our journey as a listed company we have tried to convey \u201cour value proposition\u201d to investors in an as transparent manner as possible. In other words, what we offer to investors, which is the investment thesis that anyone who chooses to trust us can have. This can be...","protected":false},"author":26,"featured_media":0,"parent":15342,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-15417","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BNET investment thesis - Bittnet<\/title>\n<meta name=\"description\" content=\"BNET investment thesis - Bittnet - From the beginning of our journey as a listed company we have tried to convey \u201cour value proposition\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/bnet-investment-thesis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BNET investment thesis - Bittnet\" \/>\n<meta property=\"og:description\" content=\"BNET investment thesis - Bittnet - From the beginning of our journey as a listed company we have tried to convey \u201cour value proposition\u201d\" \/>\n<meta property=\"og:url\" content=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/bnet-investment-thesis\/\" \/>\n<meta property=\"og:site_name\" content=\"Bittnet Investors Relations Site\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/BittnetSystems\/\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-25T08:50:53+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@NA\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/bnet-investment-thesis\/\",\"url\":\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/bnet-investment-thesis\/\",\"name\":\"BNET investment thesis - Bittnet\",\"isPartOf\":{\"@id\":\"https:\/\/investors.bittnet.ro\/en\/#website\"},\"datePublished\":\"2022-02-17T12:44:04+00:00\",\"dateModified\":\"2022-02-25T08:50:53+00:00\",\"description\":\"BNET investment thesis - Bittnet - From the beginning of our journey as a listed company we have tried to convey \u201cour value proposition\u201d\",\"breadcrumb\":{\"@id\":\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/bnet-investment-thesis\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/bnet-investment-thesis\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/bnet-investment-thesis\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/investors.bittnet.ro\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Current and historical financial results\",\"item\":\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Report 4q 2021_en\",\"item\":\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"BNET investment thesis\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/investors.bittnet.ro\/en\/#website\",\"url\":\"https:\/\/investors.bittnet.ro\/en\/\",\"name\":\"Bittnet Investors Relations Site\",\"description\":\"Your Value. 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