Research-Studie


Original-Research: FinTech Group AG - von GBC AG

Einstufung von GBC AG zu FinTech Group AG

Unternehmen: FinTech Group AG
ISIN: DE000FTG1111

Anlass der Studie: Research Report (Anno)
Empfehlung: BUY
Kursziel: 41.70 Euro
Kursziel auf Sicht von: 31/12/2019
Letzte Ratingänderung:
Analyst: Cosmin Filker; Marcel Goldmann

High profitability level achieved in rapidly growing market environment;
continuation of growth path expected; target price raised

In the past fiscal year, FinTech Group AG finalised the sharpening of its
profile by the merger and packaging of individual business units. The 'Make
2 out of 5' strategy achieved a significant streamlining of the group
structure and reorganised the business units according to the Financial
Services (FIN) and Technologies (TECH) business model.

However, the company is continuing to act through the known flatex and
ViTrade brands as one of the largest online brokers in Germany and, in
addition, offers in the TECH sector a modular technology platform (FTG:CBS)
for private and special-purpose banks. FinTech customers can perform all-
important technology-based and regulatory processes with FTG:CBS. FinTech
Group AG continues to be active in both B2C and B2B in a high-growth market
environment, which is characterised by a growing share of online brokerage
and an increasing use of technology in the banking world.

Accordingly, over the past fiscal years the company posted a positive
performance both in sales and income. In 2017 sales revenue climbed 12.6%
to EUR107.01 m (previous year: EUR95.02 m). The basis for this is the
continuing increase in the number of customers to 253,825 (previous year:
212,040), whereby both more transactions were executed and an expansion of
the loan book achieved. On the other hand, the B2B business remained
slightly below expectations, though it is expected to link to previous
growth by acquiring new customers.

With an EBITDA margin of 30.0% (EBITDA: EUR32.07 m), FinTech Group AG has a
high profitability level. This should further increase in future in the
environment of rising sales revenue. Economies of scale in administrative
and staff expenses and in securities transactions are important drivers.

For the current fiscal year, the company anticipates sales of EUR120 m and
with it a continuation of the growth dynamics and a significant improvement
in EBITDA to EUR40 m. FinTech Group AG also plans to increase the number of
customers in both B2C and B2B and has taken a number of measures to do so.
They include the rolling out of new products, planned geographical
expansion and the unchanged positioning of the flatex brand as innovation
and cost leader.

In our sales and profit forecasts, we follow the company guidance, though
we consider it to be somewhat too conservative. In light of what we
consider to be good development opportunities of the coming year, FinTech
Group AG should be able to earn sustained returns on equity of at least
18.6%. Within a residual income model, we have calculated a fair enterprise
value per share of EUR41.70 (previously: EUR35.00). The reason for the
increase is the first-time consideration of the significantly higher 2019
forecasts as the basis for the calculation of the final value and is thus
to be considered as a roll-over effect. In light of a current stock price
of EUR29.40, this means upward potential per share of over 40%. This
clearly suggests a BUY rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/16881.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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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.htm
+++++++++++++++
Date and time of completion of this research: 28/08/2018 (4:52 pm)
Date and time of first distribution: 29/08/2018 (09:00 am)

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


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