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 Report (Anno) Empfehlung: BUY seit: 12.07.2016 Kursziel: EUR 28.50 Letzte Ratingänderung: - Analyst: Felix Gode, CFA
* For FinTech Group AG, FY 2015 was very much characterised by transfor-mation into one of the leading companies for innovative financial technologies in Germany. With the acquisition of XCOM AG on 31.03.2015, the company substantially expanded its value chain, for which reason it can now offer a broad range of banking solutions for private customers and in the B2B sphere, especially with regard to up-to-date fintech solutions. Furthermore, not only does the company have a strong customer base with access to more than 200,000 private customers and numerous B2B customers, but it also combines technological expertise in the company to meet the requirements associated with changes in the banking sector.
* The development of figures for 2015 was characterised mainly by the acquisi-tion of XCOM AG, including the full bank subsidiary biw Bank AG. However, the effects of adjusting the company structure and the streamlining of the operational setup with the successful sale of the loss-making AKTIONÄRSBANK or the out-licensing of CFD market making to Commerzbank were also noticeable. Sales revenues in FY 2015 were EUR75.19 million, which was substantially higher than in the previous year, when XCOM was not yet a member of the group.
* The result also improved significantly at the same time. EBITDA was EUR19.74 million and the EBITDA margin was 26.3%. Here, it must be noted that EBITDA was strongly affected by one-off events in the course of the acquisition, restructuring etc., which on balance caused a reduction of EUR7.18 million. Adjusted to take account of these effects, EBITDA would be EUR26.90 million and the EBITDA margin would be 40.1%.
* In our opinion, the high core profitability demonstrates the trend in profitability of the FinTech Group AG for the years ahead. While we expect sales revenues for FY 2016 to increase to EUR84.71 million, we also anticipate EBITDA amounting to EUR32.46 million, which is in the middle of the range given by the management. With the discontinuation of the charges from the relinquished business, post-tax earnings in 2016 should be considerably better and allow an EPS of EUR1.41.
* A number of factors are expected to drive growth in the years ahead. In B2C business, it is primarily the expansion of the product range (e.g. flatex flex credit, structured products with their own label etc.) as well as the regional expansion that produces growth in the number of customers and therefore also deposits and revenue from commission. In B2B business, the FinTech Group AG benefits amongst other things from the growing numbers of customers in the white label banking sphere, in which a large number of new customers have also been acquired this year. Furthermore, the company can now use the high level of customer deposits much more efficiently, thereby achieving an additional increase in profitability.
* Overall, we believe that FinTech Group AG is very much on track to expand its position as one of the leading fintech companies on the German and European market. We expect to see to see double-digit growth in revenue and earnings in the years ahead. With this in mind, we are repeating our purchase recommendation and increasing the target stock price from EUR26.85 to EUR28.50.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/14053.pdf
Kontakt für Rückfragen Jörg Grunwald Vorstand GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach §34b Abs. 1 WpHG und FinAnV Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++
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ISIN DE0005249601
AXC0053 2016-07-18/09:31