17.04.2020 FinLab AG  DE0001218063

Original-Research: FinLab AG (von GBC AG): BUY


Original-Research: FinLab AG - von GBC AG

Einstufung von GBC AG zu FinLab AG

Unternehmen: FinLab AG
ISIN: DE0001218063

Anlass der Studie: Research Report (Anno) Empfehlung: BUY
Kursziel: 28.85 EUR
Kursziel auf Sicht von: 31.12.2020
Letzte Ratingänderung:
Analyst: Cosmin Filker, Matthias Greiffenberger

- Important operational developments achieved in the Fintech portfolio - Deposit Solutions Holdings advances to Unicorn Status with a Valuation of EUR1.0 Billion
- High upside potential

FinLab AG had a positive news flow also in the 2019 financial year with its Fintech investments. The 'flagship investment' Deposit Solutions once again proved to be an important driver for the company's development. In addition to further developing its operations, the company concluded a new financing round in September 2019 with an investment by Deutsche Bank. The operator of well-known platforms such as Savedo and Zinspilot was valued at a shareholder value of EUR 1.0 billion, which led to significant revaluations for FinLab AG from the previously calculated value of around EUR500 million.

There were also further major developments in the other portfolio companies. nextmarkets GmbH released a new app generation, AUTHADA's identification solution is now used by comdirect bank AG for both deposit and current account openings, Kapilendo took over a banking platform and iconic completed a seven-figure financing round.

With the valuation increase of the Fintech portfolio, especially Deposit Solutions, FinLab AG's financial result improved significantly to EUR38.08 million (previous year EUR16.29 million). It is particularly worth noting that FinLab AG's recurring management income once again kept its operating costs well covered. This means that the portfolio strategy does not come with a cost pressure or the pressure of making exits.

The very solid balance sheet ratios of FinLab AG should also be mentioned, given the current Covid-19 pandemic. The company's equity of EUR142.77 million and equity ratio of 97.9% give it a high degree of flexibility with regard to possible financing options. In addition, the company's cash and cash equivalents of approx. EUR11 million is sufficient to cover its operating costs for the next financial years.

Although the effects of Covid-19, which are difficult to assess, will also influence the development of the portfolio companies, they also present disproportionately high growth opportunities after the crisis due to the fact that their business models are based on innovation and digitalisation. Deposit Solutions, for example, could benefit from high investor interest due to the amount of available liquidity, especially as investments can be made from home computers. The nextmarkets trading platform could also benefit from the current high volatility on the market. Vaultoro is showing its strength in peer-to-peer trading and AUTHADA could benefit from increased demand for e-identification solutions.

We carried out a NAV valuation of FinLab AG. We determined a price of EUR28.85 as the fair value per share (previously: EUR29.50). The reduction is entirely the result of our more cautious approach to the valuation of the Fintech portfolio, for which we currently do not assume any hidden reserves and therefore use the balance sheet valuation. Based on the current share price, the FinLab share is still a clear BUY.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/20553.pdf

Kontakt für Rückfragen
Jörg Grunwald
Halderstraße 27
86150 Augsburg
0821 / 241133 0
[email protected]
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung
Date and time of completion (german version): 06/04/2020 (5:40 pm) Date and time of first distribution (german version): 07/04/2020 (10:30 am) Date and time of completion (english version): 17/04/2020 (8:00 am) Date and time of first distribution (english version): 17/04/2020 (11:00 am)

-------------------übermittelt durch die EQS Group AG.-------------------

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Die wichtigsten Finanzdaten auf einen Blick
  2015 2016 2017 2018 2019 2020 2021e
Umsatzerlöse1 4,17 1,72 1,52 1,95 1,44 1,54 0,00
EBITDA1,2 4,09 2,34 1,49 0,82 10,15 3,01 0,00
EBITDA-Marge3 98,08 136,05 98,03 42,05 704,86 195,45 0,00
EBIT1,4 4,02 2,27 1,46 0,79 2,19 0,25 0,00
EBIT-Marge5 96,40 131,98 96,05 40,51 152,08 16,23 0,00
Jahresüberschuss1 6,54 14,00 14,21 16,92 39,53 6,10 0,00
Netto-Marge6 156,83 813,95 934,87 867,69 2.745,14 396,10 0,00
Cashflow1,7 2,62 0,89 1,83 1,49 1,42 2,26 0,00
Ergebnis je Aktie8 1,44 2,98 2,85 3,14 7,33 1,11 1,25
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2020 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: ifb Treuhand

WKN Kurs in € Einschätzung Börsenwert in Mio. €
121806 24,800 Kaufen 132,72
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
17,71 9,78 1,72 13,63
0,79 58,62 86,07 42,00
Dividende '19 in € Dividende '20e in € Div.-Rendite '20e
in %
0,00 0,00 0,00 10.06.2021
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
30.09.2021 23.03.2021
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
13,30% 6,17% 16,98% 29,84%
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FinTech , 121806 , A7A , XETR:A7A