Original-Research: FinTech Group AG - von GBC AG
Einstufung von GBC AG zu FinTech Group AG
Unternehmen: FinTech Group AG ISIN: DE0005249601 Anlass der Studie: Research Comment Empfehlung: BUY Kursziel: EUR 26.85 Letzte Ratingänderung: - Analyst: Felix Gode, CFA
Earnings target for 2015 has been achieved - significant customer increase for flatex - forecast for 2016 confirmed - Target price: EUR 26.85 - Rating: BUY
Today, FinTech Group published preliminary results for 2015 with an EBITDA of EUR 19m. Hence, the target EBITDA of EUR 20m has nearly been achieved. After the negative EBITDA-result of EUR 8,03m in 2014, with the positive result in 2015 FinTech Group demonstrates the solid progress during the course of the year 2015.
The online-broker flatex was one major driver for the earnings increase. The wholly-owned subsidiary could show a significant increase in its customer base by 15 % to 150,000 in 2015. The semi-annual growth as well shows, that a lot of new customers were attracted especially during the last two quarters of 2015, emphasising an increasing dynamic in customer growth. A big role for the success during the sec-ond half of 2015 should have been played the increased operations in Austria.
The recent co-operations with Morgan Stanley and Zinspilot, as well as the introduction of the 'flatex flex-Kredit' created an even more attractive offer for the customers. These important steps should be reflected in the number of new customers in 2016. In addition to that the customer deposits of about EUR 1bn are expected to be further utilized in 2016 and should generate additional earnings. Already two weeks after having launched the 'flatex flex-Kredit' EUR 10.3m were issued to about 2,800 flatex-customers, showing the strong demand for the innovative new product.
Hence, FinTech Group AG confirms its 2016 forecast with an improvement of EBITDA to EUR 35m. The results for 2015 also confirm our view that FinTech Group is well on the way to achieve its ambitious goals. Therefore we confirm our estimates and reiterate our buy rating as well as the target price of EUR 26.85. We will publish a comprehensive research report after the publication of the annual report 2016 on the 31/05/2016. The rating remains buy.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/13685.pdf
Kontakt für Rückfragen Jörg Grunwald Vorstand GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++
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ISIN DE0005249601
AXC0118 2016-04-11/12:46