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: 26.85 Euro Letzte Ratingänderung: - Analyst: Felix Gode, CFA
2015 figures confirm successful turn-around - EBITDA-guidance fulfilled - estimates for 2016 confirmed - target price EUR26.85
With an EBITDA of EUR 19.5m FinTech Group AG was able to fulfill the guidance for 2015. As well our estimates with EUR 20.13m were almost achieved. In the previous year an EBITDA of EUR-9.5m was shown. However, it has to be considered that the previous year's figures were prepared on HGB accounting standards. Regardless of the limited comparability, the good 2015 earnings confirm the successful completion of the turn-around.
More than that FinTech Group AG has pushed on its transformation to a leading fintech-company on the European market and was able to establish important cooperations with notable partners during the course of the year 2015 and during the first months of 2016. Futhermore the company did significant efforts to capitalise on the high account deposits of their subsidiary biw Bank AG of more than EURbn1 to generate further earnings contributions. Also the sale of Aktionärsbank in April 2016 was an important step that should contribute to increasing earnings and margins in the FY2016.
We have the impression that FinTech Group AG is on schedule to reach the guid-ance for FY2016, planning an EBITDA of EUR 30-35m. Therefore we confirm our cur-rent estimates for FY2016, expecting an EBITDA of EUR 31.00m. Also we reconfirm our target price of EUR 26.85 as well as the rating BUY. We will publish a more de-tailed research report as soon as the full annual report 2015 is published by the end of June. According to the successful development of the company during the past quarters as well as the good prospects we already today assume to raise the current target price of EUR 26.85 by then.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/13919.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
AXC0183 2016-06-01/15:46